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Recourse Debt LLC
Hi
I put cash advances that I expect to be paid back from the LLC into Other Liabilities in 2020. TurboTax coded it as Recourse. This year I put in the new amounts and again it puts the amount in Recourse next to prior year. This time I get an error message: "The program will not allocate recourse debt to LLC members. Either reclassify the debt as nonrecourse or enter special allocation code to indicate how the amount should be allocated."
1) How do I tell if I put a code in the prior year?
2) How do I move to non recourse debt? If I move, do I leave prior year as is?
Thank you
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Get your taxes done using TurboTax
Are you entering this on your balance sheet or K-1?
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Get your taxes done using TurboTax
You might have to contact Support on Monday. I cannot seem to reproduce what you are seeing in TurboTax Business.
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Get your taxes done using TurboTax
I found the amounts listed on the supporting schedules Line 20 stmt. I moved it to non recourse for 2021. I left it as recourse for 2020.