jklaus7777
Level 1
08-24-2023
07:03 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Hello!
I have a client who has an odd situation I've not encountered before. Any help is appreciated.
Partnership A is my client. They have invested in LLC B. LLC B has provided Partnership A with a K-1 showing a basis contribution of $25,000 and a passive loss of $31,000.
I'm preparing the 1065 for Partnership A and there is nowhere to enter the basis information so that losses are not deducted in excess of basis.
Help!
Labels
sjrcpa
Level 15
08-24-2023
07:54 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Pass throughs to pass throughs are not a strong point of Intuit.
Enter only the allowable, due to basis, loss in the software. Keep track of the loss in excess of basis in your workpapers for next year.
The more I know the more I don’t know.
