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Level 2
February 25, 2021
Question

Partnership K-1s - Idaho Capital Gain deduction information not specially allocated

  • February 25, 2021
  • 1 reply
  • 11 views

I have an Idaho partnership that sold land in 2020 on an installment sale.  3 partners - all siblings.  Payments over three years, first payments received in 2020.  The two sisters are taking the payments 50/50 in years 1 & 2 and the brother is taking his full 1/3 of the sale in year 3.  We're specially allocating the gain between the partners to follow the way the cash is flowing.  Everything looks good, EXCEPT - we can't get the capital gain pass-through information on the Idaho K-1 to specially allocate.   I've been all through the state special allocations screen and can't find how to change it anywhere.  Any ideas?  Do I just attach a note to the K-1 with the correct amounts?  I don't file the sister's 1040s, so I don't want their preparer to miss it (it's a difference of about $200k just this year).

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1 reply

Level 2
February 15, 2022

I just noticed your Idaho Lacerte question.  Since it was a year ago, I would guess you probably figured it out.   In the 2021 Idaho Module, I've been able to specially allocate Idaho Capital Gain using federal screen 32.1 Schedule K-1 Miscellaneous.   When the Idaho Module is installed, the last section of this menu has an 'Idaho Information' section, and in that section, there is a line where you can allocate Qualifying Idaho Capital Gain on a per-partner basis.   It worked the same for me in the 2020 Lacerte Idaho module.