Discussion:Box 13V on K-1; Specially allocated depreciation
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Discussion Forum Index --> Advanced Tax Questions --> Box 13V on K-1; Specially allocated depreciation
Discussion Forum Index --> Tax Questions --> Box 13V on K-1; Specially allocated depreciation
| 14 April 2008 | |
| I've got a client who has several oil and gas property K-1's. One of them shows an amount in box 13V. I use Lacerte and the software lists this as "capital construction fund". I have called the partnership and the individual there told me that the amount they have shown is for "specially allocated depreciation" on the oil and gas wells. Does anyone know where I need to show this on the return? I already have a different amount on the same K-1 for percentage depletion cost. Thanks in advance! | |
| 14 April 2008 | |
| There's no prior depreciation schedule and it is not a first year investment. They had the K-1 at least last year, also. I don't have a copy of the prior year K-1, only the return. I'm wondering whether or not to show the depreciation as an other deduction expense for purposes of calculating the amount on Sch. E pg. 2? | |
| 24 April 2008 | |
| When I entered it into the Lacerte software, it showed up on page 2 of the 1040 on line 43 with the letters CCF next to it. This reduced the taxable income. Now my client received a letter showing that there was an error in the calculation of exemption amount. Any incite?
Kirk | |
| 24 April 2008 | |
| Kirk,
See my initial post on this subject. I also use Lacerte and when I entered the amount in box 13V the software listed the amount as "CCF" (Capital construction fund) next to line 43, reducing taxable income. CCF is typically used with commercial fishermen (which my client is not, I believe the K-1 wasn't prepared correctly). Before I filed the return, I contacted the partnership directly and was told that this amount was "specially allocated depreciation" so I removed the amount from box 13V and input it in as a separately stated deduction. | |
Death&Taxes (talk|edits) said: | 25 April 2008 |
| For once Proseries seems to have a better handle than its bigger brother, giving a number of choices including Section 754 depreciation, state tax withheld, early withdrawal penalties on savings, other taxes and other miscellaneous deductions subject to the 2% floor. They also give blank lines where you must input the data. | |
| 26 April 2008 | |
| I had a problem like this earlier in the season and called Lacerte tech support. She didn't know either, but researched with higher-ups and the solution is to click on the "Where do I enter" opposite the Line 13. Up pops a screen that deals with many scenarios, including 13v. Click on 13v and a new screen lists the different possiblities with instructions on what to do in each case. Round-a-bout to be sure, but it worked for me. | |
