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Redheather
Level 2

Business program: how do I enter info o n 1065 so that property taxes show as expense in box 13, code W, on K-1 instead of ordinary income loss, line 1?

I have not  coded LLC partnership as a business, which seems to be what is happening..it is coded 999999 on the 1065.  This is an LLC which has 3 partners who are holding inherited land to sell when market is strong again.  Only expense is property taxes and some clean up fees.  

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Anonymous
Not applicable

Business program: how do I enter info o n 1065 so that property taxes show as expense in box 13, code W, on K-1 instead of ordinary income loss, line 1?

don't enter the taxes or any other expenses on page 1 of form 1065.  they should be reported on schedule K line 13a

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