Hi,
My K-1 Rental Real Estate income is entered (box 2) as (loss) -1000. Under box 20, I have code Z STMT.
In K-1, Section 199A information includes rental income information for 5 different locations. Each dollar value is different, but for example, I am entering it in a random format below:
Rent - Location A: Rental Income (Loss) $100, Unadjusted Basis of Assets $1000
Rent - Location B: Rental Income (Loss) $200, Unadjusted Basis of Assets $2000
Rent - Location C: Rental Income (Loss) $300, Unadjusted Basis of Assets $3000
Rent - Location D: Rental Income (Loss) $400, Unadjusted Basis of Assets $4000
Rent - Location E: Rental Income (Loss) $500, Unadjusted Basis of Assets $5000
Rent - Unallocated Expenses: Rental Income (loss) $-2500
This is my first time becoming a business (Limited, Domestic, Individual) partner or first-time K-1 filer. Following is my question:
1. Do I need to enter all five individual entries, or do I need to sum up all values for each option: Rental Income (loss) and UGA values?
2. Where do I need to enter Unallocated Expenses Rental Income (loss)?
3. Will TT software calculate QBI automatically or do I need to do anything for that step?
I am using TT Delux Desktop version which has interview questions for Schedule K-1 (Form 1065).
Let me know if you have any questions. I will greatly appreciate your response.
