We have a family multi-member LLC. It is a vacation cabin. It is not rented only used as a family cabin (i.e., no income is generated). I have been filing a 1065 and sending each partner a K-1 since 2009. I put the Property Tax amount on line 20 section c of schedule K - 1 with a comment (Property Tax and the amount). We also have an Annual License Fee, I do the same for it. They are both listed. The K-1's gets generated for each partner and I send them out. I just enter the amount I do not put a minus sign by the amount just leave it as a number. The partners know it is property tax and handle accordingly on their tax return. Does it matter that I do not put it as a negative amount? I'm just double checking if I am dong this correctly.
Thank you
