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Im working with form 1065 for partnership. in schedule M-1
Im working with form 1065 for partnership. in schedule M-1 im strugglingI Started with a net loss (books) (49,200) it is adjusted by 37 in line 4bLine 5 (49,163) Line 6 N/A Line 7a depreciation it wil… read more
PDtax
PDtax
Owner
Master's Degree
4,836 satisfied customers
Im working with form 1065 for partnership. in schedule M-1
Im working with form 1065 for partnership. in schedule M-1 im strugglingI Started with a net loss (books) (49,200) it is adjusted by 37 in line 4bLine 5 (49,163) Line 6 N/A Line 7a depreciation it wil… read more
Carter McBride
Carter McBride
LLM
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Im working on schedule M-2 of the 1065 Partnership income
Im working on schedule M-2 of the 1065 Partnership income tax return. Line 1 is 0 Line 2a $28,800 Line 2b $0 Line 3 (52,572) --- based on schedule k Analysis of Net Income(loss) line 1 Line 4 $0 Line … read more
Carter McBride
Carter McBride
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I am working on a partnership return. I have total
I am working on a partnership return. I have total depreciation on return of 347,623 which includes section 179 depreciation of 181,764. Shouldn't this amount be reflected on the partner's K-1 reducin… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,057 satisfied customers
I have a C Corp (filing 1120) that received a K-1 from a
I have a C Corp (filing 1120) that received a K-1 from a partnership. I understand that income and loss would be reported on lines 10 and 26, respectively. Where do items from boxes 12 (section 179 de… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
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The 1065 K-1 shows a disposition of property (abandoned
The 1065 K-1 shows a disposition of property (abandoned assets) with S 179 deductions L-20, L). I entered the specifics in Form 4797 - it's a $18,000 loss. Does it flow to Line 14 of the 1040 or go to… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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I am filing out my 1065 Partnership tax return. I am filling
I am filing out my 1065 Partnership tax return. I am filling out the Schedule L and I have a questions regarding 'Partners' Capital Account'. What does Partners Capital Account entail and what type of… read more
Michael Hanley
Michael Hanley
Managing Partner
BBA
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When I put the correct amounts on Sch L of 1065, the M-2 comes
When I put the correct amounts on Sch L of 1065, the M-2 comes up out of balance. I'm thinking it's the beginning balance..Is there a legitimate adjustment to make it balance since I didn't do the boo… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Dear Sir/ Madame,1) I personally invested a small amount
Dear Sir/ Madame, 1) I personally invested a small amount in a company named Luca Oil, LLC. I received a Form 1065 Schedule K-1. Box 14 Self employmet earnings (loss) , Code A $-3988 and code C: $2473… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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would a partnership with 50/50 ownership that has a capital
would a partnership with 50/50 ownership that has a capital gain transaction only in current year with 2,600 profit be required to complete schedule m-3, l, etc.… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I deducted this years Section 179 (Form 4562) from my books
I deducted this years Section 179 (Form 4562) from my books with a Journal Entry (Debit Depreciation Expense and Credit Accumulated Depreciation. Do I record it on M-2 Line 5 on my 1120S tax return?… read more
ezcpa
ezcpa
Certified Public Accountant
Bachelor's Degree
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If my S corp buys a $10 computer cable, it winds up on my 1120S
If my S corp buys a $10 computer cable, it winds up on my 1120S as an office expense, which reduces net income, which in turn reduces retained earnings by $10 on 1120S Schedule L. (That's how I've don… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
An S Corp has 150K revenue remaining after expenses and has
An S Corp has 150K revenue remaining after expenses and has real property/equipment purchases of 150K for Year 2010, how much and how will Sec 179 deduction affect the P&L and/ or Schedule K. Thanks… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
A partner contributes partially depreciated assets to a partnership.
A partner contributes partially depreciated assets to a partnership. I understand the partnership records the assets at the adjusted basis. Does the partnership start depreciation over at the net book… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,815 satisfied customers
I am completing Form 8825 for condo rentals. I have meals as
I am completing Form 8825 for condo rentals. I have meals as an expense. Where do I put this and how much am I allowed for 2010? 1/2 the total meals? . According to Scedule E I can take 51 cents per m… read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
LLC Partnership bought a used pickup truck for 100% use in
LLC Partnership bought a used pickup truck for 100% use in the business in 2009 for 5,000. How much depreciation can be taken in 2009 and where on 1065 forms (179 expense?)? I understand that use and … read more
Anne
Anne
Master Tax Preparer
2,551 satisfied customers
I HAVE TRYING TO BALANCE THE 1120S BOOK TO TAX. BOOK INCOME
I HAVE TRYING TO BALANCE THE 1120S BOOK TO TAX. BOOK INCOME IS $27,023 BEFORE SALE OF TRUCK SELLING PRICE OF TRUCK . $5,500. ADJUSTED BASIS OF TRUCK AT 1/1/09 IS $3571. THE ADJUSTED BASIS ALSO INCLUDE… read more
Chad Oberg
Chad Oberg
Director
Bachelor's Degree
174 satisfied customers
My wife and I started a photography business this year. We ...
My wife and I started a photography business this year. We are seup as an LLC. I am wondering how to deduct/depreciate my equipment purchases. We have several thousand dollars worth of equipmet that w… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,057 satisfied customers
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