How do you enter line 20 AA on individual partner's K-1 on form 1065 for amount of recognized built-in gain?

TDCPA · ‎01-16-2023

property contributed with a built in gain was sold in 2022

George4Tacks · ‎01-16-2023

Entries into this field show adjustments to the partners' capital account and wouldn't need to be entered into the individual return.

Answers are easy. Questions are hard!

sjrcpa · ‎01-16-2023

The K-1 should have the built in gain specifically allocated to your client, if he is the one who contributed the property.

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