I have a client that owns real estate proper in Tenancy-In Common.There is some additional K1 information on the report.How to I enter the data for Tenancy in common

Forum|Forum|4 years ago
February 28, 2022
2 replies
25 views

real estate property,
not sure where to enter her share of the profit and loss.
Not sure where to enter the additional K1 information as no K1 provided

ProConnect Tax

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Best answer by BobKamman

Just because the rental property is owned as TIC (apparently with a lot of other people, if your client has only 5%) doesn't mean that a partnership return is not required. If they're filing a 1065, don't fight the K-1.

George4Tacks

Level 15

TIC often do not issue a K-1. Simply input the TP amounts in Schedule C, E or F from the work papers given. You also need to set up depreciation for their undivided ownership percentage.

e.g. "4.8% of 123 Elm Street, Somewhere, TX"

Answers are easy. Questions are hard!

M

mbuchineAuthor

Level 3

Thank you for your reply,

Can you confirm, what I do with this information provided?

K-1 Additional Information
Section 199A Income (20,275)
Section 199A W-2 wages 1,877
Section 199a Unadjusted basis 337,105
Section 199A REIT Dividends
Section 199A PTP income
K-1 Line K Information
Qualified Nonrecourse Financing 306,823

sjrcpa

Level 15

If there's no K-1 where are you getting this add'l K-1 information?

The 199A stuff should flow from your entries on C, E, or F.

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

BobKammanAnswer

Level 15

Just because the rental property is owned as TIC (apparently with a lot of other people, if your client has only 5%) doesn't mean that a partnership return is not required. If they're filing a 1065, don't fight the K-1.

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