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Chad I need help with the Section 179 expense for an S-corp.

You helped an individual 3...
Chad I need help with the Section 179 expense for an S-corp. You helped an individual 3 years years ago but it doesn't completely answer my problem.
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Answered in 16 minutes by:
9/12/2013
TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 15,886
Experience: 15 years of experience in financial advising with emphasis on tax issues.
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Robin D. :

Hello, the expert you requested is not online nor expected any time soon.

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Robin D. :

What is your specific situation?

Customer:

I am a little confused. I use Intuit tax online and I set-up a new item that qualifies for section 179 w/o. Let's say the item cost a $100 and the section 179 expense is a $100. The income before the expense is 1,000, after the expense it is $900. What figures should go on Schedule K including line 18. 11 and 1.

Customer:

And then what goes on the K-1?

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financeguru2
financeguru2, Financial Advisor
Category: Finance
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To answer your question, income before the Section 179 expense ($1,000) goes on Schedule K line 1, the Section 179 expense itself ($100) goes on line 11, and the income after the Section 179 expense ($900) goes on line 18.

You will also need to fill out page 1 of the 1120S to prove how you arrived at $1,000 of income.

Assuming it is a sole owner S corporation, the K-1 will mirror Schedule K, which will show ordinary income of $1,000 on line 1 and Section 179 expense on line 11.

I want you to be satisfied with this answer, so please respond if you have any questions or if anything is unclear prior to rating the answer. If I have successfully answered your question, please rate the answer at that time. Thank you!
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