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T
taxladyinOR
Level 2
February 13, 2022
Question

negative account from K-1

  • February 13, 2022
  • 1 reply
  • 0 views

It it a final K-1 and taxpayer has a negative ending basis.  Withdrawls/distributions exceeded basis.  

So where in Lacerte do I enter this income and how?

This topic has been closed for replies.

1 reply

sjrcpa
sjrcpa
Level 15
February 13, 2022

There's no such thing as negative basis. You can have a negative tax basis capital account.

Distributions in excess of basis are reported on Schedule D/Form 8949 as a capital gain transaction.

The more I know the more I don’t know.
    T
    taxladyinORAuthor
    Level 2
    February 13, 2022

    Yes, I understand that.  So is there a place in theK-1 screen to make it flow over to Sch D?  If not, then what would I do in the Disposition screen?   And what do I put for description?

    Thanks. 

    George4Tacks
    George4Tacks
    Level 15
    February 13, 2022

    You must do this manually in Dispositions. Description would be the name of the Entity. This is  a 2=basis not reported on 1099-B

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