Can someone point me to where to enter non recourse liability of a partner on Schedule K-1 of Form 1065?
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There is a Other Items to be reported on Schedules K-1 Smart Worksheet at end of page 4 - right before page 5 Schedule L
My question is in regards to Form 1040 K-1 and not Form 1065. The partner's share of the liability increases basis that enables the taxpayer to deduct loss from the partnership.
Thanks
Yes, please. I want to use the share of his liability to increase basis so that I can deduct the loss from the partnership.
Enter only the allowable amount of loss on the 1040 K1, check the box in column e line 28 of Schedule Epg2 and attach Basis computation worksheet
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