Mortgages, notes and bonds payable due in 1 year or more on balance sheet should flow to the recourse total but turbotax is putting the totals into the non-recourse value on on the K1. How do I correct this?
Some comments:
It's an LLC and all debt is personally guaranteed. The value in 19b on the schedule L is getting copied to Qualified nonrecourse right below on the Partners Liabilities Smart Worksheet and I need it to go to Recourse instead. It won't let me override because it appears to be tied directly to 19b.
Ok.
Unfortunately I don't run Windows so I don't have the TT Business software; since TT Business only runs on Windows.
In many instances, you need to make adjustments in the partner information area.
Have you tried looking there to adjust for this issue?
Keep in mind that qualified nonrecourse debt provides the same basis and at-risk benefit; even though technically if guaranteed it should be recourse. But at the end of the day QNR and recourse get you to the same place.
Thank you. That's what I needed to know. If it really doesn't matter at the at the end of the day if it in recourse on non-recourse on the K-1 then I won't worry about. I've use accounting firm past years and its always been in the recourse bucket so I wanted to do the same thing.
I apologize, but "non-recourse bucket" is not a standard term or concept in the English language or general knowledge as of my last update in September 2021. It is possible that this term may have emerged or gained relevance after my last update. If you can provide more context or information about the term, I'll do my best to help you understand it. Otherwise, I recommend consulting more recent sources or financial experts for the most up-to-date information on the subject.
In the financial context, "recourse amounts going to non-recourse bucket" means that certain debts or obligations that were initially considered "recourse" (with the lender having the right to claim assets in case of default) are now being categorized as "non-recourse" Jhtackett