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Discussion Forum Index --> Tax Questions --> Sec 179 for partnership not showing
Www.cpa1.biz (talk|edits) said:
| 13 April 2007
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| Partnership made no positive income for 2006. They had a section 179 asset for 82,000. I put this amount in the partnership and it will not carryforward to the k-1s. Is this because they did not make any income to offset? They would offset the sec 179 against salary income on 1040. Any advise on what to do to show this expense or is it going to have to be carried forward?
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Osutaxman (talk|edits) said:
| 13 April 2007
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| limit is also on entity level. no income = no dedection
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Deback (talk|edits) said:
| April 13, 2007
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| Right. The Sec 179 deduction is limited to the Line 1, Form 1065, business income. The balance is carried forward on Form 4562, line 13.
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Kevinh5 (talk|edits) said:
| 13 April 2007
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| (I seem to remember this question last month).
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