Where can I enter 6198 qualified non-recourse financing for a passthrough on the 1041 inputs?

Forum|Forum|5 years ago
September 29, 2020
2 replies
9 views

I have a partnership K-1 for a trust with qualified non-recourse financing that would provide basis for the net rental loss (I think), but don't know where to enter that information in Pro Connect.

Thanks

ProConnect Tax Online

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sjrcpa

Level 15

I don't think you'll find a place. Big sister Lacerte doesn't have one. Pass throughs to pass throughs are a weak spot in Lacerte.

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

George4Tacks

Level 15

ProConnect Tax has even less areas to enter this than Lacerte does. The "help" articles are not much help https://proconnect.intuit.com/community/schedule-k-1/help/basis-limitation-frequently-asked-questions/00/4815 and https://proconnect.intuit.com/community/schedule-k-1/help/basis-limitations-for-k-1-losses/00/5162 do nothing to aid in the how to.

Bottom line, keep some notes and maybe a spread sheet on the side and "make it work".

Answers are easy. Questions are hard!

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