raym2612
Level 2
06-14-2021
11:18 AM
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One partner performs the day to day work for the farm and is receiving guaranteed payments for the service. The service should be allocated to COGS. If I have it recorded in COGS and as guaranteed payment the it is double counted. Any way to have the payment be part of COGS and link that to the K-1?
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Level 11
06-14-2021
11:21 AM
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Enter it in the field called Guaranteed Payments Capitalized, not the Trade or Business section of Guaranteed Payments.
raym2612
Level 2
06-14-2021
05:52 PM
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Thank you!