What is the best way in Proseries 2021 Form 1065 to enter a step down of an asset due to substantial built in loss rules upon sale of a partnership interest? The step down needs to be applied only to the incoming partner. No 754 election made. There's no way to enter a negative asset. Full depreciation should be recorded and then a reduction of depreciation needs to be allocated to the incoming partner that generated the step down.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.