This year we extended our lease with our tenant and they paid an additional amount to the Security Deposit. We are not going to include it in our income, just like the original Security Deposit, it is a Current Liability.
The updated amount is now listed on Line 20 in Schedule L since I added that to the worksheet. I also needed to update the amount in Row A of the Partners’ Liabilities Smart Worksheet box and put a 0 in Line D (recourse).
I included a statement on Line 20; to address these changes. Is there anything else I need to do?
