- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Appreciate it. I did what you said (imported K-1 under personal income). Two questions:
1. Turbotax still carried over from previous year (2021) rental properties information such as depreciation and automatically populated another sch E under "Business income and expenses" of "business". Now I have two versions of Schedule Es that obviously overlap with each other. In "Forms" format, I can see copy 1/ copy 2 of Schedule Es that shows both K-1's inputs as well as individual rental property info. How do I get rid of 2021's carried over Schedule E? Can I simply click delete in the list of rental properties under old "schedule E" (screen shot below)?
2. In one of the answers here to similar situation as mine:
https://www.justanswer.com/tax/00v3x-transferring-rental-property-partnership.html
It mentioned "There is an area on page 4 of the 1065 (Schedule M-2, line 2B for property contributed) where the capital contributions are reflected.".
That "capital contribution" in my K-1 is 0 because I didn't know these properties should be considered as contribution. Should I correct this? I somehow get the balance sheet balanced without having this number filled (which theoretically should be the total rental property asset minus liabilities at the start date of holding LLC?)
Appreciate your help!