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O
oscar-hergut
Level 2
June 8, 2023
Question

I am preparing an 1120 and I dont see where I can report the Section 754 Basis Adjustment. Should I reported net to net rental estate income?

  • June 8, 2023
  • 1 reply
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1 reply

sjrcpa
sjrcpa
Level 15
June 8, 2023

There's no such thing for a corporation. This is a partnership item.

The more I know the more I don’t know.
    O
    oscar-hergutAuthor
    Level 2
    June 8, 2023

    The corporation received a K1 from the partnership 

    sjrcpa
    sjrcpa
    Level 15
    June 8, 2023

    Oh. A 754 basis adjustment is a tax basis Balance Sheet Item. It does not affect  the rental real estate income (but an associated depreciation adjustment will)

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