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September 14, 2024
Question

K-1 received from a lower tier LLC appropriately reports partner's share of qualified nonrecourse financing liabilities. TTax throws error when added to smart liab wksht.

  • September 14, 2024
  • 2 replies
  • 0 views
Partners' smart liabilities worksheet wants liabilities to equal upper tier LLC's balance sheet liabilities, but lower tier liabilities need to pass through upper tier LLC to individual LLC members for basis purposes. How do I get around this unnecessary requirement to match upper tier balance sheet?

2 replies

Employee
September 14, 2024
No text available
smalcoveAuthor
September 14, 2024

Not sure how/why forum tagged this under TTax Online. This is relative to TTax Business - Desktop. Thanks.

Employee
September 14, 2024

I believe that's just the default (i.e., if you don't make a selection).