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Level 6
July 20, 2023
Question

K-1'S Entered into a 1065 tracking capital? and Distributions

  • July 20, 2023
  • 1 reply
  • 6 views

I have k-1's  I was entering into a partnership.  There is no place to input the distributions or to  track capital and recourse or  non recourse for these k-1's  Is everyone creating a spread sheet or notes to track?  Any help greatly appreciated.

 

thanks

Michele

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1 reply

sjrcpa
Level 15
July 20, 2023

Distributions and capital, along with income and deductions, get recorded in the trial balance.

Yes I keep a spreadsheet for basis.

The more I know the more I don’t know.