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Returning Member
posted Mar 5, 2020 1:03:44 PM

Sch K-1 error. Liability shows as recourse but software says it should be nonrecourse

Hi, I am doing a business return, form 1065. This recourse is a loan agreement from partners to LLC.

 

Please help?

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3 Replies
Expert Alumni
Mar 5, 2020 2:07:18 PM

The portion for which one or more partners bear an economic risk of loss is treated as a recourse liability for basis purposes and allocated exclusively to the partner or partners who bear that risk of loss. The remainder is treated as a nonrecourse liability.

 

Look in Part 2 Box K of the form where it references profit,loss,capital. Look and see what is entered for recourse and non-recourse and see if this is what Turbo Tax is referencing from. 

Returning Member
Mar 6, 2020 4:17:32 PM

I think I over complicated things.

Holding company is owned by 2 partners.

Subsidiary company is owned by Holding company. Subsidiary is pass-through entity so no tax return is needed since it flows into Holding company tax return Form 1065.

 

I fixed my error by reclassing the holding company contribution.

 

Your thoughts helped me to change my thinking and fix my problems! Thank you for your help!

Returning Member
Mar 13, 2020 9:20:12 PM

If llc partnership is owned by domestic partners no other members where does the recourse (c.c. debt) go?