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Schedule K-1 Line 20 Code U
I have a Schedule K-1 from an LLC which sold a real estate assest this year. I have an adjusted basis in the real estate since part of my share I inherited from my dad and the partnership took the 754 Election. The adjustment to the basis is reported on Schedule K-1, line 20, code U. On the K-1 in the Form View (TurboTax Premier Desktop), there is an asterisk next to the value for line 20, code U. It states, "* Not provided for in program. Manually enter on appropriate tax form." What form should this information be reported on?
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‎February 21, 2024
5:11 PM