Question
50/50 Partnership, one partner has built-in gain. Not sure how to enter the depreciation difference on the tax return
I currently have Sch L on the balance sheet on a book basis. Each partner has contributed $150,000 in real estate. the 1st partner FMV & tax basis are equal. Second partner adjusted basis is $120,000. I know the Sch K1 Line L must be on a tax basis. Not sure how to handle this in Lacerte.
