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Deductions & credits
Thank you Opus. I clarified the situation below:
1.) Mother paid -$100,000 for unpaid property tax lien in 2020
2.) Property was not primary residence and title is under mothers name
3.) Mother operated a small business from the property
Should the payment of the property tax lien be recorded in her individual tax return as it relates to the property she owns? or should it be included as part of the business 1065 partnership return as that is the only tenant inside the property, and the property is for business purposes?
Reading your prior comment, it seems it would be best to include this under the business 1065 partnership as an expense?
Thank You
May 11, 2021
4:15 PM