Section 179

[Terry O]

I am having a VERY senior moment - -I cannot, for the life of me, remember how to get an asset to be a 179 depreciation for 2004-2006.

Any help would be greatfully appreciated!

Thank You!

Terry O

[cientax]

Could you clarify what exactly you are trying to do please? You are not giving enough information.

[Pacun]

add an asset entry form.

[cientax]

add an asset entry form.

If you are using ATX program, there are tabs on the asset entry form to add more assets whre you enter the asset information. You can also just rollover the tax return from 2004 to 2005 then rollover to 2006 and the asset entry form will cary over.

[Terry O]

I guess I was just trying to make the Sec 179 election, and have it actually compute on the 1065 instead of overriding it, which has been my practice in the past, since there is no documentation on the actual PRGRAM - -not the tax rules, but the PROGRAM.

I have entered all the asset info, trying to make the election to expense the asset out in 1 year, however, I am totally missing something, all combination of entries still do NOT transfer to the form as a 179 expense.

this has been a source of technical confusion for me ever since I have been with ATX - -especially the year they made the depreciation a separate module - - -

Thank you guys anyways - - maybe you can't teach on old dog new tricks!!!

[Maribeth]

Terry, the §179 deduction is passed out separately on the K-1. Are you looking for it on Page 1 of the 1065? It won't be there. Also, there cannot be a loss in the partnership in order to take the §179 deduction. Maybe that could be the problem . . .

Maribeth

[mcb39]

Terry, the §179 deduction is passed out separately on the K-1. Are you looking for it on Page 1 of the 1065? It won't be there. Also, there cannot be a loss in the partnership in order to take the §179 deduction. Maybe that could be the problem . . .

Maribeth

Maribeth is correct. The 179 cannot be taken on the 1065. It is distributed equally to the partners and shows up on the Sch E page 2 as a subtraction from Partnership Income. (After it flows correctly from the K-1).

We all have those blind moments. It is 7:30 AM here. I worked at my part-time job til 8:30 last night and had a fool client just show up with some paperwork he was supposed to drop off on Monday. I am afraid that I was not very polite.

[Terry O]

Thanks!!

Just one of those days/weeks/months - - - -

Due to the fact that this client shows up with 3 yrs - -I guess I was trying to make it as easy as possible for the other partners who wil be on the hook - - - -

Again, as always, thank you all for the help!