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- 1065 Balance sheet not balancing - property quity
1065 Balance sheet not balancing - property quity
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DandDOpfer
Level 1
04-12-2022
02:57 PM
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We own multiple airbnbs (4). I know my assets are all correct including depreciable assets and land (non-depreciable). The issue is in the liabilities section. I am $70k low. I believe this is because of the mortgage balances/equity. I did add non-recourse loans from partners as a liability for funds that were put into the properties post-purchase so that helped (recourse don't seem to be permitted). The partner's capitalization was basically the cash for our initial down payments on all four properties less the loss this year. What do I do to make up the $70k deficit that still reflects (Liabilities to low)? I believe it's just equity in the properties, not sure how to list that.
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Dusty2
Level 7
04-12-2022
03:16 PM
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Since this is for professionals you might want to ask this on Turbo Tax.
