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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Partnership CA 1231 Gain & Loss
Partnership CA 1231 Gain & Loss
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clbarker456
Level 1
03-17-2022
02:05 PM
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I have a partnership that sold real estate. Overall it was a loss, but there is also a 754 depreciation adjustment/step up for one partner. So, two partners are at a gain, but one at a loss. Can't seem to figure out how to make the CA k-1s reflect this... Federal K-1 has 1231 gain/(loss) as one box, but CA separates. If I specially allocate for CA, it puts the gain in the loss box. I found a Lacerte article to put the gain/loss in screen 32.1, but then that throws off book income and throws the tax return out of balance (doubles any 1231 gain/loss put in) on the CA M-2. Anyone dealt with this?
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