1065-US: Reporting specially allocated depreciation (FAQ)

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Question

How is specially allocated depreciation reported?

Answer

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 specially allocated depreciation with associated activity checkbox in Screen CltOptns. 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.

Related topic: Specially allocated depreciation FAQs (1065)

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