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T
TDCPA
Level 2
January 16, 2023
Question

How do you enter line 20 AA on individual partner's K-1 on form 1065 for amount of recognized built-in gain?

  • January 16, 2023
  • 2 replies
  • 21 views
property contributed with a built in gain was sold in 2022
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2 replies

George4Tacks
George4Tacks
Level 15
January 16, 2023

https://proconnect.intuit.com/support/en-us/help-article/form-1065-schedule-k-1/entering-partnership-schedule-k-1-line-20/L32rH8DP2_US_en_US?uid=lcz5ok2b

Entering Code AA - Section 704(c) information

Entries into this field show adjustments to the partners' capital account and wouldn't need to be entered into the individual return.

Answers are easy. Questions are hard!
    sjrcpa
    sjrcpa
    Level 15
    January 16, 2023

    The K-1 should have the built in gain specifically allocated to your client, if he is the one who contributed the property.

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