MICHAELMARS
Level 7
04-10-2025
11:48 AM
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Set up each asset by category, ie 7 yr, 15 yr etc. You don't have to do it as a special 754 allocation since each remaining partner will be getting the deduction. You can just report it as regular depreciation. If only 1 partner was getting it, then you have to do it as a special allocation.
I have only done 754's for real estate never for equipment. There are new 754 questions on the return and attachments needed.