A_tax_preparer
Level 2
05-20-2025
01:40 PM
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The client has an interest in a PTP that reports income and losses from three lower-tier PTPs. As I understand, losses from the K-1 should be subject to one basis limit but three separate passive activity limits for the three activities. I've looked all through the K-1 screen in Lacerte, and I cannot find a way to enter this so the software applies the limits correctly. Any and all help is appreciated.
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Level 11
05-20-2025
01:48 PM
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Set up a separate K-1 entry for each PTP. Use the Other Increases to Basis and Other Decreases to Basis fields to move basis around.
A_tax_preparer
Level 2
05-29-2025
08:46 AM
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Thanks for the help!