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How do you enter line 20 AA on individual partner's K-1 on form 1065 for amount of recognized built-in gain?

TDCPA
Level 1
property contributed with a built in gain was sold in 2022
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2 Comments 2
George4Tacks
Level 15

https://proconnect.intuit.com/support/en-us/help-article/form-1065-schedule-k-1/entering-partnership...

Entering Code AA - Section 704(c) information

Entries into this field show adjustments to the partners' capital account and wouldn't need to be entered into the individual return.


Answers are easy. Questions are hard!
sjrcpa
Level 15

The K-1 should have the built in gain specifically allocated to your client, if he is the one who contributed the property.

The more I know, the more I don't know.