Level 2

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How can I get Lacerte to report 1065 Partner's K-1, Schedule L on a tax basis?

Forum|Forum|6 years ago
December 7, 2019
15 replies
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Lacerte Tax

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Best answer by abctax55

Meaning you want the box on the K-1s to be marked "tax basis"?

Screen 1, under Miscellaneous, Partner's Capital Accounts - use the drop down arrow & select tax basis.

abctax55Answer

Level 15

Meaning you want the box on the K-1s to be marked "tax basis"?

Screen 1, under Miscellaneous, Partner's Capital Accounts - use the drop down arrow & select tax basis.

HumanKind... Be Both

M

MO29_2Author

Level 2

I also want the amounts to be on the tax basis.
It seems I have to change the M-2 amounts to change the K-1.

Basically, I want to show on the 1065 balance sheet to be GAAP and M-2 to be tax basis.
Do I overwrite the balance sheet ending capital account? I don't want to use overwrite unnecessarily.

Thank you.

C

clmcfarland1

Level 2

I have this issue as well - any solutions? I have a book and tax depreciation difference and I don't know how to make the K-1 schedule L show the tax amount (it is showing the book amount) without changing the M-2.

A

agarrett

Level 2

This issue is NOT solved. If someone could take the time to read all the way down and realize that the original question was never answered that would be great. Would love to know the answer to this question which I can't seem to find anywhere.

It seems I have to change the M-2 amounts to change the K-1.

Basically, I want to show on the 1065 balance sheet to be GAAP and M-2 to be tax basis.
Do I overwrite the balance sheet ending capital account? I don't want to use overwrite unnecessarily."

Two other people responded asking the same question.

C

corinna11

Level 3

I have tried everything. If I do an override as you suggested, the difference shows up as not specially allocated and has to go somewhere.

For 2019 I am disclosing tax basis capital and waiting for Lacerte to capture 2 methods of capital.

For now, we only have the Basis calc to check ourselves on. (ending basis-ending liabilities = tax capital)

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agarrett

Level 2

Thanks! I can't find anything anywhere either. The override comment was actually me copying the prior post. I was trying to say that person's question was never answered. Hopefully since it is required for 2020 Lacerte will fix this issue so we can actually report capital on a tax basis without an override.

S

SueFolkringa

Level 2

Why is this issue marked as solved? It is not. We are dealing with the same problem on a 2019 return. Tech support was of no help either. Why can’t there simply be overrides on the K-1?

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