LLC owns another LLC. The lower level has debt which creates debt for the higher level partners. How do I entere this on to the K-1's?
I do it as a memo on the Schedule K, throw in the total recourse, nonrecourse and qualified nonrecourse debt and then the program will apportion it on the memo section of each K-1. That tells the preparer of the K-1 recipient how to affect debt basis.
Might work but I share an office with others and both CCH and Lacerte have a place to enter it and it flows correctly to the K-1 Line k1.
Sometimes you get what you pay for. Those 2 programs cost more and have more capabilities.
No snark intended (this time 😀).
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