Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Federal input screens

Screen K1Sale - Form 1065/1041 Schedule K-1 - Sale of 179 Asset (1065)

Overview

Use this screen to enter current-year sale and prior-year installment sale information for sales of assets for which a section 179 expense deduction was previously passed through from a passthrough entity in which the partnership is a partner.
Data sharing
The application lets you share Schedule K-1 financial data among all 1040, 1041, 1120, and 1065 clients automatically. For clients that are partners in a partnership, the application lets you share the Schedule K-1 financial data in total or by activity. (The application can transfer financial data
into
 1120C, but not
out of
 these clients.)

General Information

Use this section to enter information that applies to current-year sales and prior-year installment sales of assets for which a section 179 expense deduction was previously passed through from the passthrough entity.
Enter the description of the asset. This field is mandatory.
Enter
X
 if the disposition was due to a casualty or theft. Enter
X
 only if you entered code
3
 in
Treatment
 in this screen.

Sale Information

Use this section to enter information for sales of assets for which a section 179 expense deduction was previously passed through from the passthrough entity.
Enter
V
 to print "Various" for the date on the return. Enter
I
 to print "Inherit" for the date on the return.

Installment Sale Information

Use this section to enter installment sale information for assets for which a section 179 expense deduction was previously passed through the partnership to the partner.
The application proformas the qualified real property section 1245/1250 percentage to this field when the prior year qualified real property asset was data shared from a partnership and sold on the installment basis.
The application proformas an
X
 to this field when a percentage is proforma’d to
Qualified real property section 1245/1250 percentage
.
Enter the total amount of the current-year payments received that have been applied to principal. Don't include interest.

Related Party Installment Sale Information

Enter
1
 for Yes or
2
 for No. If you leave this field blank and enter related party information, the application answers No.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close