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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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- Re: Federal Basis Limitation Worksheet
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.
