Reporting Schedule K-1 (1065) taxes on investment real estate in Lacerte

For a partnership, you can report a partner's real estate taxes paid on investment real estate in Lacerte so it'll flow to Schedule A, line 6 during the K-1 export.

You can report the amount of real estate taxes to be reported on the individual partner's Schedule A as supplemental information by using one of the following methods:

• Go to Screen 30, Supplemental Information Info. (per partner) enter a note informing the partner of the share of real estate tax to be reported on Schedule A, line 6.
• Go to Screen 31, Supplemental Information Info. (all partners) and enter a note informing the partners of the total real estate tax paid by the partnership.
  • The note should also instruct them to multiply the Tax by their individual partnership percentage.
• Go to Screen 34, Notes and enter the same information as recorded in the previous option.
  • Be sure to click the Schedule K-1 option under the Print As list in the left navigation panel.