ppt
Level 3

Need help with K1 and it's 199A with TurboTax

Hello - This is my first K1 (partnership REIT) so have few questions.  I will appreciate your help.

(Numbers are FAKE. )

 

Here is the scenario

  1. My K1's  section L has "Current  year net income (loss) = -20.00"
  2. Because number 20 has code Z, it came with 199A. 199A has couple of entries that kind of look like this
    1. Rent / Rental overhead --> rent income (loss) = 1.0
    2. Rent - [some property]
      1. Rental income (loss) = -12.00
      2. UNADJUSTED BASIS OF ASSETS = 61.00
    3. Pass through - [some property 2]
      1. Rental income (loss) = -13.00
      2. UNADJUSTED BASIS OF ASSETS = 62.00

Question I have is

Turbo tax has few questions for 199A and one is "[my company] has business income (loss)" with following sub questions. What do i answer there based on the data above?

  1. Ordinary business income (loss) : ???
  2. Rental income (loss): ???