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Business & farm
I might have messed this up. When I enter the property tax amount on Schedule K line 20(c) I just put the amount. I type "Property tax" then enter the dollar amount. Turbo Tax does it's thing and each partner has their portion on their K-1. But should I be entering the - sign in front of it (or however you designate money we spent on the Turbo Tax app)? Each of my siblings know it's the property tax and then they enter their portion on their on federal return.
I have been doing this wrong for years. So if I have been doing this incorrectly do I have to refile all of them? Any advice would be appreciated.
Regards,
Lawrence
‎February 12, 2021
4:46 PM