Non recourse and recourse liabilities and efile

[KarenM90]

 I am assuming that the recourse and non-recourse liabilities you are questioning, have something to do with a basis calculation for a partnership or other flow-through business entity.

A recourse liability is one in which a partner or partners have a risk of loss because the creditor can come after that partner(s) to collect the debt.

A non-recourse liability debt is sometimes secured by property, but the creditor has no ability to come after a partner(s) for payment of the debt.

E-file (Electronic Filing of a Tax Return) is available through TurboTax and is the quickest way to get your return to IRS and/or your state agency.