Originally Posted by ryaah2000
can I deduct that once wherever I want? Any help would be appreciated, thanks.
I guess so; for example, Most new business equipment can be either depreciated over its useful life or expensed immediately under irc sec 179 if youapply sec 179 exp on the eqmt.. 179 expenses passed through via K-1s from 1065 or on Sch C
also aslongas you are using the eqmt for both 1099job AND the MMLLC , then, you need to prorate depreciation deduction as attributable for each business. you willhave to determine the depreciation basis (as a percentage of business use between th e1099 job and LLC, as 50% owner of th eLLC,then the amount of depreciation.After that you need to pro rate that amount as attributable for each business.
Corresponding amounts will be reported on schedule C line 13 and sch k1 of 1065. The sec 179 expense the partnership gets is passed through to the individual partners.aslongas you deduct the eqmt for your MMLLC biz, as a 50% owner in the biz, I guess you need to determine the depreciation amount between the other 50% partner.
when you dispose of the eqmt later, youmust recapture sec 1245 deprec taxed at ordianry rate of 25%.