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- Partnership K-1, Box 13, Code V - how do I report these amounts in proconnect?
Partnership K-1, Box 13, Code V - how do I report these amounts in proconnect?
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tjt9324
Level 1
03-11-2026
05:22 PM
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Hello fellow tax professionals. I am working on my first 1041 which owns several partnership interests in rental real estate. The partnership k-1s all have an amount in box 13 with code V. which is a 743b adjustment. Where/how do I enter this amount in proconnect if at all? All help appreciated.
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3 Comments 3
sjrcpa
Level 15
03-11-2026
07:08 PM
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The K-1 Codes say that is a negative income adjustment.
Use Other Deductions
The more I know the more I don’t know.
tjt9324
Level 1
03-12-2026
09:39 AM
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Thanks SJR. My thought exactly - under First Passive Item - I entered the negative amounts as deductions. Because the total of those amounts exceeds passive income, a prior year loss for 2026 is generated. And the K-1s for the beneficiaries has $0 for rental real estate income. Is that what is expected?
sjrcpa
Level 15
03-12-2026
09:52 AM
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Yes
The more I know the more I don’t know.
