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Can't figure out why amounts entered in the K-1 wks on the "other adjustments" lines under Capital and Basis don't flow to the K-1's?
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EDIT: Because they are non tax adjustments?
Misread the question.
The more I know the more I don’t know.
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New partner bought partnership interest from other partners. He now owns 10% and they each own less than original. So their inside basis needs to be adjusted.
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Yeah sometimes the K1 related worksheets on the partnership module are a little bit tricky... Maybe try to see if you can direct enter it.... good luck
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Use the Schedule M-2 (Lines 4 or 7).
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Doesn't that flow through to all partners? I need to make changes to the basis of only the partners that sold part of their interest and to the new partner.
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You can allocate to only those involved either using numbers or letters for percentage or amounts. Enter in the box on schedule M2. Then go the individual partners k1 worksheet and enter either the percentage or amounts matching the number or letters you entered on the M2. If I'm wrong I will check tomorrow morning.
