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Federal Basis Limitation Worksheet
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amacpa
Level 3
09-28-2021
01:00 PM
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While entering a K1 (Partnership) for a PTP, as a Limited Partner, and entering the Partner's share of liabilities, in particular the beginning and ending values for the Non-Recourse liabilities, the Federal Basis Limitation Worksheet is accounting for the 'Change in Partner's share of liabilities' for the opening and closing change. I was of the understanding that 'Non-Recourse' liabilities is not a factor in determining the EOY Adjusted Basis.
The Lacerte program is including this change. Is this correct?
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1 Comment 1
sjrcpa
Level 15
09-28-2021
01:07 PM
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Yes. You get basis for liabilities but may not be at risk.
The more I know, the more I don't know.
