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Ember123
Level 4
12-13-2022
01:13 PM
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How are Lacerte users keeping track of basis, at risk, and other items when a passthrough entity is owned by another passthrough entity and then the income, loss, credit, etc. eventually ends up on the individual's (owner of the, is it "top tier"? passthrough entity) income tax return?
Seems to me you would have to enter all of the K-1 data twice. Once on the passthrough entity's tax return input, and then all over again on the individual's tax return input.
What a hassle!
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