Discussion:Sec 179 for partnership not showing

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

Jump to: navigation, search

Discussion Forum Index --> Tax Questions --> Sec 179 for partnership not showing


Www.cpa1.biz (talk|edits) said:

13 April 2007
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?

Osutaxman (talk|edits) said:

13 April 2007
limit is also on entity level. no income = no dedection

Deback (talk|edits) said:

April 13, 2007
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.

Kevinh5 (talk|edits) said:

13 April 2007
(I seem to remember this question last month).

Kevinh5 (talk|edits) said:

13 April 2007
Discussion:LLC partnership 1065 with only Section 179

To join in on this discussion, you must first log in.
Personal tools