Hello!
I have a client who has an odd situation I've not encountered before. Any help is appreciated.
Partnership A is my client. They have invested in LLC B. LLC B has provided Partnership A with a K-1 showing a basis contribution of $25,000 and a passive loss of $31,000.
I'm preparing the 1065 for Partnership A and there is nowhere to enter the basis information so that losses are not deducted in excess of basis.
Help!
Pass throughs to pass throughs are not a strong point of Intuit.
Enter only the allowable, due to basis, loss in the software. Keep track of the loss in excess of basis in your workpapers for next year.
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