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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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