K-1 received from a lower tier LLC appropriately reports partner's share of qualified nonrecourse financing liabilities. TTax throws error when added to smart liab wksht.

Partners' smart liabilities worksheet wants liabilities to equal upper tier LLC's balance sheet liabilities, but lower tier liabilities need to pass through upper tier LLC to individual LLC members for basis purposes. How do I get around this unnecessary requirement to match upper tier balance sheet?

posted

Connect with an expert

3 Replies

K-1 received from a lower tier LLC appropriately reports partner's share of qualified nonrecourse financing liabilities. TTax throws error when added to smart liab wksht.

Hopefully, @Mike9241 is still around today. Please check back later.

K-1 received from a lower tier LLC appropriately reports partner's share of qualified nonrecourse financing liabilities. TTax throws error when added to smart liab wksht.

Not sure how/why forum tagged this under TTax Online. This is relative to TTax Business - Desktop. Thanks.

K-1 received from a lower tier LLC appropriately reports partner's share of qualified nonrecourse financing liabilities. TTax throws error when added to smart liab wksht.

I believe that's just the default (i.e., if you don't make a selection).

Still have questions?