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K-1 1065 - deduction for tax is not showing up in the dedcution section of TurboTax

I have filled out my K-1's. This is a LLLP. We have land and rental signs on our property. The only income this year was from rental signs. Box 3 has $2571 in income. Box 13 has a ZZ deduction (real estate tax on the property) of $2959. The deduction is not showing up on "Other Dedcutions and Credits" like it did last year. We had a loss of $379, but as of now TurboTax says I owe $600 on the income. 

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1 Reply
MinhT1
Employee Tax Expert

K-1 1065 - deduction for tax is not showing up in the dedcution section of TurboTax

Property taxes should not be reported in box 13 of Schedule K-1.

 

Property taxes in this case are rental expenses on form 1065, resulting in a net passive loss on form 1065, which would then be transferred to Schedule K-1.

 

Please read the IRS instructions for Schedule K-1 box 13.

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