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Investors & landlords
Not so simple, It al depends how you took the acellerated depreciation. If you qualified as REPS then you took some depreciation losses or all each year and unused portion cariired forward to the next year. In 2021 Final K1 you would have recapture gain based on your OUTSIDE BASIS. The Partneship carried an INSIDE Basis on the K1 but you as a partner is different calculation. All you put into Capital and contribution increases your basis and all you got in CASH and how you reported is with either decrease your basis or maybe increase it.
If you indeed have loss carrying forward that was limitted, Turbo tax has it already calculated and should carry forward regardless if you delete the old final K 1.
‎October 15, 2023
10:50 AM