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- Help with WI Basis Adj allocation between ordinary and rental income
Help with WI Basis Adj allocation between ordinary and rental income
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lvanryzin
Level 2
09-08-2022
09:15 PM
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UPDATE: I did figure this out...I'm not sure how to delete the question though.
I know I've dealt with this diagnostic before...I just did it the other day. I swear there was a field that I could put an amount of adjustment to allocate to Net Rental Income, but I can't find it anymore. I think I updated my software between it working and it not working. I updated again today hoping it would be fixed. Am I blind or did it disappear?
I'm preparing a 1065 return for 2021
Here's the diagnostic:
When both ordinary income and net rental real estate income are reported on WI form 3 part II col b by default the program allocates 100% to ordinary income. If you wish to allocate a portion of the adjustment to net rental income go into WI sch K input and enter a % in 'Percentage to be allocated to Net RRE income (code 500) (ref #45839)
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