I need a problem solved. PTRshp closed down 2015. Sold all assets.Did put $ in checking account.
In calculating gain and loss I discovered that $11k worth of depreciation was not taken either due to oversight or changing in software. I have gone through all the depreciation schedules for the life of the partnership and it appears that only 2 assets represent 99% of this number. Ptrship totally shut down in 2015.
Can I pu this lost dep as a negative adjustment as other deductions then show on 4797 the correct dep take including the lost dep or not take as an adjustment and let the 4797 show it as a loss? I am at a loss as to correct procedure or what would you do?
All gain will be ordinary as just about everything was fully dep.
Thanks for your help.
In calculating gain and loss I discovered that $11k worth of depreciation was not taken either due to oversight or changing in software. I have gone through all the depreciation schedules for the life of the partnership and it appears that only 2 assets represent 99% of this number. Ptrship totally shut down in 2015.
Can I pu this lost dep as a negative adjustment as other deductions then show on 4797 the correct dep take including the lost dep or not take as an adjustment and let the 4797 show it as a loss? I am at a loss as to correct procedure or what would you do?
All gain will be ordinary as just about everything was fully dep.
Thanks for your help.
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