Depreciation Not Included on K-1

[Harry Garner]

My wife and I have recently formed an LLC in Alabama with her 2 siblings and their spouses to purchase a short term rental property also in Alabama. We are 15 months into this and are now having our first full year taxes done by an accountant. We have received our K-1s and they do not appear to include depreciation and are showing a small gain. When I asked the accountant about the depreciation, she said that it did not flow through to the K-1s. Is this correct? Is there any circumstance with this type of situation with a partnership and LLC where real estate depreciation on rental property would not be included in the net gain/loss reported on the K-1s? I have done quite a bit of research and looked at lots of related posts here, and it seems that depreciation should be included, and it is a big part of the tax advantages of rental property.

Thanks

[Natalie Kolodij]

Your K-1 Shows your share of net income or less

That INCLDUES depreciation 

On the 1065 Parntership it reported: Rents - operating expenses - depreciation= net income/loss 

That's what's in box 2  of your k1 , it doesn't show up separately. It is calcualted on the 1065.