Personal return
Form 1040
2021
IDC entry from 1065 K-1 Line 13 doesn't carryforward to Schedule E. Entered as a positive number. Didn't elect to amortize. Thinking it was a basis limitation, entered a larger amount in additional amounts invested this year in the Basis tab.
Thank you in advance for your support.
Mark
Best Answer Click here
You've entered it as a passive K-1. Note that if the operated mineral interests are owned through a liability-limiting entity (your guy is not a general partner in the current year), passive is the correct answer. Many drilling partnerships are structured to "flip" from a general partnership to a limited partnership once the wells pay out.
You've entered it as a passive K-1. Note that if the operated mineral interests are owned through a liability-limiting entity (your guy is not a general partner in the current year), passive is the correct answer. Many drilling partnerships are structured to "flip" from a general partnership to a limited partnership once the wells pay out.
Phoebe, thank you. After posting my question I thought that might be the reason and updated the software. All the best, Mark
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