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Level 2
posted Feb 14, 2021 2:24:18 PM

1065 Schedule k-1 Box 20(c) code AH

We have a family multi-member LLC.  It is a vacation cabin.  It is not rented only used as a family cabin (i.e., no income is generated).  I have been filing a 1065 and sending each partner a K-1 since 2009.   I put the Property Tax amount  on line 20 section c of schedule K - 1 with a comment (Property Tax and the amount).  We also have an Annual License Fee, I do the same for it.  They are both listed.  The K-1's gets generated for each partner and I send them out.   I just enter the amount I do not put a minus sign by the amount just leave it as a number.  The partners know it is property tax and handle accordingly on their tax return.  Does it matter that I do not put it as a negative amount?  I'm just double checking if I am dong this correctly.

Thank you 

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1 Replies
Level 12
Feb 14, 2021 3:31:28 PM

Nothing much wrong with the way you're doing it because there is no income or expenses other than property taxes that get passed through to the members. On that note it's sort of hard to understand why you need to file a 1065 anyway because the LLC has no income or expenses.