1065 K-1 Sec. 754 Amortization

[David]

TP received a Sch. K-1 (1065) with an Additional Information statement stating Section 754 Amortization and an amount. This amount is not reported on any lines of the K-1 with an asterisk relating to the additional information statement.

Should this additional sec. 754 amortization be reported as supplemental business expenses or UPE on the TP's 1040?

Thanks for your help.

[jklcpa]

 

41 minutes ago, David said:

Should this additional sec. 754 amortization be reported as supplemental business expenses or UPE on the TP's 1040?

 

No, if you are sure that it isn't already included in the amounts in other boxes, then add another K-1 input form with the partnership's name followed by "sec 754 amort" or something similarly descriptive, and the partnership's EIN.  The amount is reported as the same type of income that it offsets. Example: If the K-1 was for rental income, then enter the 754 amortization as a negative on that same input line.

[David]

Thanks, Judy.

[michaelmars]

i don't use atx anymore but wasn't there a line to put it on instead of opening a 2nd k-1.  i use 3 other softwares and they all have this.  a place to enter 13W items.