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G
GILBERT73
Level 1
March 8, 2024
Question

Balance sheet not balancing. Does the state franchise fee go on line 14 or does it go on form 8825

  • March 8, 2024
  • 2 replies
  • 17 views
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2 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
March 8, 2024

it doesnt got on the 8825, its not a rental expense.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Accountant-Man
Accountant-Man
Level 13
March 8, 2024

Does the entity have a business in addition to the rental? If yes, put the fee on page one. If no, put it on the 8825.

The franchise fee is a cost of doing business, so it is deducted along with other expenses of the business. 

One might decide if there are multiple rental properties and the "business" of the entity is property management. Then other non-rental expenses go on page one.

When the partnership's single k1 has both income in line 1 AND line 2, the Pro Series file for the 1040 owners needs TWO k1s for the entries.

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