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M
MICHAELMARS
Level 6
March 14, 2025
Question

how to enter a lower tiers recourse debt on to a 1065

  • March 14, 2025
  • 1 reply
  • 9 views

LLC owns another LLC.  The lower level has debt which creates debt for the higher level partners. How do I entere this on to the K-1's?  

This topic has been closed for replies.

1 reply

dascpa
dascpa
Level 11
March 14, 2025

I do it as a memo on the Schedule K, throw in the total recourse, nonrecourse and qualified nonrecourse debt and then the program will apportion it on the memo section of each K-1. That tells the preparer of the K-1 recipient how to affect debt basis.

    M
    MICHAELMARSAuthor
    Level 6
    March 15, 2025

    Might work but I share an office with others and both CCH and Lacerte have a place to enter it and it flows correctly to the K-1  Line k1.

      sjrcpa
      sjrcpa
      Level 15
      March 15, 2025

      Sometimes you get what you pay for. Those 2 programs cost more and have more capabilities.

      No snark intended (this time 😀).

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