Investors & landlords

US Sourced income for US citizens does get reported so there is no k-3 filing. that's why TurboTax does not want column A info.  with no foreign sourced income there should be nothing the other coulns and d line 21 of the k-1 should be blank.

 

here's part of a transmittal letter from a PTP.

The Partnership will report items of international tax relevance to our partners on Schedule K-3. All of our income is effectively
connected with a United States trade or business. A limited number of unitholders (primarily foreign unitholders, unitholders
computing a foreign tax credit on their tax return and certain corporate and/or partnership unitholders) may need the detailed
information disclosed on Schedule K-3 for their specific reporting requirements. We do not expect to report either (1) any foreign
income taxes paid or accrued on Schedule K-1, Line 21 or (2) any foreign-derived intangible income.

 

 

 

my experience with some tax partners is they shouldn't be allowed to even wash dishes. they're a partner because they brought in sufficient business. worked with one in a medium sized firm. his lack of tax knowledge almost got a client charged with tax evasion. and there was the Arthur Anderson scandal.