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C
chinuai
June 20, 2022
Question

I have a K1 with Net rental estate income loss. TT gives me a deduction but adds 'Sale of Business Property' for the same amount it gave me a deduction.Any suggestions?

  • June 20, 2022
  • 1 reply
  • 0 views
My K1 has codes N, Z, AH in line 20(Part III of form 1065).
My K1 has Line 20AH 'Analysis of at risk versus not at risk liabilities', I am not sure how to enter this in TT.

1 reply

A
Anonymous_
Employee
June 20, 2022

There must be an input error based solely on the lines you mentioned in your post.

 

Were there any other lines on your K-1 that were populated with figures?

    C
    chinuaiAuthor
    June 20, 2022

    My K1 has a distribution in line 13 with code K. This distribution is less than 5% of the loss in line 2, it is should have minimal effect.

     

    In summary, K1 has the following lines

    Line 2: Net rental estate loss

    Line 13: Other deductions with code K

    Line 20: with codes N, Z, AH

    A
    Anonymous_
    Employee
    June 20, 2022

    Understood, but did you indicate that you disposed of all (or part) of your interest?

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