HELP! I know it's Sunday, but I'm working on 2 partnership returns. According to the ordering rules on 9-17 of TTB, I'm thinking they must first take the 179 deduction as much as possible, which covers all in these cases. The reason I'm asking is because it makes a difference on the K-1's and the State K-1's. Am I right?
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I never heard of having to take Sec. 179 first. 100% bonus depreciation is default for qualifying property. Yes, there are differences between them, one being that bonus can create a loss, but 179 cannot. -
Thanks for your response, a loss is not at issue, 179 flows thru to partners where a guess bonus would not and NC requires us to add bonus back to state, just want to be sure I do it right, those ordering rules on 9-17 is making me question.Comment
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ok, I am getting that the bonus is default, in this case 179 is better due to my state. when we take the179 is the only election I need to make, or do we need to attach something else?Comment
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