Schedule K-1 box 20, code V

I received a Schedule K-1 with information in box 20, code V. The information in the K-1 for box 20, code v is as follow:

1231 GAIN/LOSS FROM DEBT-FINANCED PROPERTY -308.
DEDUCTIONS DIRECTLY RELATED TO UBTI GROSS INCOME -18,926.
STRAIGHT-LINE DEPRECIATION NOT INCLUDED IN DEDUCTIONS -7,950.
UBTI GROSS INCOME FROM DEBT-FINANCED PROPERTY 16,394.

When entering the data into turbo tax I only have the following categories/boxes available to enter the data:

ABC LLC has Section 179 deductions

ABC LLC has other deductions

ABC LLC has W-2 wages

ABC LLC has UBIA of qualified property

ABC LLC has REIT Dividends

Based on my K-1, which category or how should I enter my info into the turbotax?

14915

Expert Alumni

Apr 16, 2024 12:34:22 PM

Per the IRS Instructions for Form 1065 Schedule K-2, Box 20 Code V, the information reported here applies to a partner that is a tax-exempt organization. In most cases, this does not apply to an individual taxpayer. You may omit Code V from your K-1 entries for Box 20.

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Schedule K-1 box 20, code V