carry forward section 179 depreciation expense?
can section 179 depreciation from a K-1 be carried forward?
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10/13/11 6:05pm PDT
Viewed by asker 04/01/12 3:48pm PDT
Viewed by asker 04/01/12 3:48pm PDT
7 Replies
Accountant Man
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10/13/11 6:56pm PDT
The solution
Yes, if it's not utilized in full for a variety of reasons.
If you use Pro Series Basic I might not be able to help you. If you use Turbo Tax I might refuse to help you. All others, watch out! ;-)
10/13/11 7:13pm PDT
But not if the reason is "my guy doesn't need the deduction and chooses to save it for later."
10/13/11 9:48pm PDT
This helps very much and I appreciate the information. Is there an IRC reference that specifically lists the allowable carryforward situations and how to list the carryforward amount? Thank you! And I will mark first inquiry as SOLVED.
10/14/11 7:31am PDT
Lacerte does it right. You don't need to fiddle with anything. The relevant cite is IRC 179. ;) (OK, 179(b)(3). The 4562 instructions are useful, too.)
If the year with the carryforward was prepared elsehow, the carryover goes at the bottom of the relevant activity screen. So for Sch C, you go into Screen 16, then down to Depreciation, Depletion & Amortization, then in the Depreciation subsection, the second to last item is the 179 carryover. Don't forget to enter the AMT amount, too.
