The following includes answers to common questions about specially allocated depreciation.
By default, UltraTax CS reports the amount of specially allocated depreciation on Schedule K, Other deductions.
To report specially allocated depreciation with its associated activity, mark the Include allocated depreciation with associated activity checkbox in Screen 1065. If this checkbox is marked, UltraTax CS reports specially allocated depreciation as follows:
| Description |
Reported on Form / Schedule |
| Page 1 |
Schedule K, Other income (loss) |
| Cost of Goods Sold |
Schedule K, Other income (loss) |
| Schedule F |
Schedule K, Other income (loss) |
| Farm Rental |
Form 8825, Depreciation |
| Other Rent |
Schedule K, Expenses from other rental activities |
| Rental Real Estate |
Form 8825, Depreciation |
| Royalty |
Schedule K, Royalties |
| Other Portfolio |
Schedule K, Other deductions |
Note: UltraTax CS does not include the depreciation from a specially allocated asset on the return if the Tracking partner’s outside basis checkbox is marked in the Other tab in the asset module.
Video: Specially allocating partnership depreciation (approx. 6.5 minutes)
2012 ULTRATAX CS
