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Reporting K1 (1065) 754 Basis Depreciation Adjustment on a 1040 Return - Filing a 1040 return with a K1(1065), with amounts reported on Line 13 W - Other deduction, for 754 Basis adjustment depreciation. Line states to report amount here manually in the rest of the return. The program does not calcu

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A Section 754 depreciation is usually used to reduce the income reported on the K-1 on the partnership side. So a section 754 depreciation adjustment reported on the supplemental information page of a K-1 does not usually need to be reported anywhere on the individual tax return.

Tags: federal,form