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Where is section 179 expense reported on Illinois tax forms?
My Schedule K-1-P Step 4 line 31 shows -817.00 (column A and B) and is a section 179 expense. Where do I report this on my Illinois tax forms? Is it added on Schedule M Step 3 Line 13 or somewhere else?
EDIT: Yes it flows through to me as a partner on the K1.
Yes, I report K1 as self employment income on Sched E. (Not C). 179 is also reported on Sched E for federal.
Not sure where it goes for state though...
2 Answers
- troLv 77 years agoFavorite Answer
this is depreciation that flows thru to you as a partner on the K(1)?
are you then reporting the K(1) as self employment income on your own SchC? it would be entered on the line for depreciation and form 4562 which may have a similar form for Ill
- RUSeriousLv 77 years ago
Section 179 expense do not get reported on your Illinois state tax return as it has already been included into your net wages on your federal return.
