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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.
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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- K-1 Box 20 Code O and P
K-1 Box 20 Code O and P
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karenrae
Level 1
09-23-2021
08:04 PM
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A partnership K-1 reports section 453(L)(3) information in Box 20 Code O :
Installment sale - 2020 deferred ordinary time share income
Installment sale ordinary timeshre income recognized on 2017, 2018, and 2019 derferred income
Total outstanding installment obligation.
Also, in Box 20 Code P:
Your share of the face amount of installment obigatios at the close of the taxable year
Your share of the deferred ordinary time share income.
Where do I enter this information in Proseries?
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sjrcpa
Level 15
09-23-2021
09:21 PM
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Nowhere? Do you expect this info to affect 2020 taxable income, loss or deductions?
The more I know, the more I don't know.
