1040 S Corp K-1 multiple properties

6 replies
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What is the process for entering multiple properties into Schedule E worksheets where the taxpayer receives an S Corp K-1 where the S Corp owns multiple properties? There doesn't seem to be a way to link the K-1 and Sched E info or parse things very well. Schedule E worksheets ask for all of the Form 8825 information entered in the 1120S, which seems off.

ProSeries Professional

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Terry53029

Intuit Community Champion

On your clients 1120-S K1 on the 1040 you just enter the K1 as received from S-Corp. ProSeries will enter all info from K1. There may be a couple of lines on the K1 that you will have to manually enter, but ProSeries will indicate which ones they are.

sjrcpa

Level 15

The reason you have the separate activity info is for the 1099A QBI deduction.

Otherwise rental income and expenses have already been included on Line 1 or 2 of the K-1.

The more I know the more I don’t know.

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Nat HusseyAuthor

Level 4

Right. My question really is how you generate property specific information on the 1040. I would think if you reenter all of the property-specific details, then those will be redundant to the K-1 information. Is it maybe through the 199A detail on the K-1 entry? I'm working on a return done by a prior preparer which has property specific figures, but only the income and UBIA for each property, not all of the detailed expenses. I cannot figure out how to generate this. Thank you!

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Nat HusseyAuthor

Level 4

In case anyone else is wrestling with this, the solution is, after entering the full K-1 for the business, create additional K-1s under the S Corp name, using the S Corp TIN and going to Section D-1 on each subordinate K-1 to enter property specific information for 199A purposes. Also, do not enter the line 17 QBI info in the main K-1 as it will be redundant, enter the QBI info in the property-specific K-1s.

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