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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Balance sheet not balancing. Does the state franchise fee go on line 14 or does it go on form 8825
Balance sheet not balancing. Does the state franchise fee go on line 14 or does it go on form 8825
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GILBERT73
Level 2
03-07-2024
07:17 PM
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Just-Lisa-Now-
Level 15
03-07-2024
08:26 PM
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it doesnt got on the 8825, its not a rental expense.
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Accountant-Man
Level 13
03-07-2024
09:07 PM
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Does the entity have a business in addition to the rental? If yes, put the fee on page one. If no, put it on the 8825.
The franchise fee is a cost of doing business, so it is deducted along with other expenses of the business.
One might decide if there are multiple rental properties and the "business" of the entity is property management. Then other non-rental expenses go on page one.
When the partnership's single k1 has both income in line 1 AND line 2, the Pro Series file for the 1040 owners needs TWO k1s for the entries.
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