Reporting of Partnership K-1 on a 1041 Fiduciary Return

Forum|Forum|5 years ago
March 17, 2021
1 reply
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I am preparing a 1041 Fiduciary Return for a Trust. The Trust received a Partnership K-1 with a credit in box 15(F). The description for box 15 (F) is "other rental real estate credits". Where does this credit gets entered in Lacerte?

Lacerte Tax

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George4Tacks

Level 15

Hopefully there is an attachment to the K-1 detailing WHICH credit -

From the K-1 partner instructions:

Code F. Other rental real estate credits.

The partnership will identify the type of credit and any other information you need to figure these credits from rental real estate activities (other than the low-income housing credit and qualified rehabilitation expenditures). These credits may be limited by the passive activity limitations. If the credits are from more than one activity, the partnership will identify the credits from each activity on an attached statement. See Passive Activity Limitations, earlier, and the Instructions for Form 8582-CR for details.

Answers are easy. Questions are hard!

T

TrustFBO1041Author

Level 2

It is a Home Energy Credit. Where would I enter that credit in Lacerte?

George4Tacks

Level 15

I would ignore it. Home Energy Credit is tied to a Home, i.e. personal residence. I have trouble seeing how a partnership owns a home and now wants to pass that credit to a fiduciary that lives in that home. What is the relationship between these two entities. Something does not seem typical.

Answers are easy. Questions are hard!

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