My husband and I owned sole shares in our S corp (rental ppty) with JointTenancy Right of survivorship.
When I did our S corp I entered the change in ownership. I did most other things the same as always but then wasn't sure what to do about the K-1s. He died Nov. 2024 so TurboTax did certain adjustments based on that date.
At the end of the return, it now shows both of us with a k-1. This time more of the loss was apportioned to him. In past it always divided it 50/50.
Now on Statement A -QBI Pass-through Entity Reporting, it shows 0 under UBIA of qualified ppty.
On my K-1 it shows a figure in UBI of qualified property.
At one point, it asked if all of the income was for both of us or just me. I wasn't sure if it was talking about at the end of year and should have checked me only or checked the box for "both of us".
Am I supposed to have 2 k-1s ?
I have to do an amendment anyway so I can re-do this differently if needed. Is his basis now added to mine?
Thanks for any help. (I have TT Business desktop - downloaded)
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Based on that you placed rental property in an S-corporation (which is almost always considered a bad idea), I highly recommend you go to a good tax professional to prepare your return and review your prior tax returns. The fact that your husband died adds some complexity to the situation, which adds to the reason for going to a good tax professional this year.
I'm sorry for your loss.
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