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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
- My K1's section L has "Current year net income (loss) = -20.00"
- Because number 20 has code Z, it came with 199A. 199A has couple of entries that kind of look like this
- Rent / Rental overhead --> rent income (loss) = 1.0
- Rent - [some property]
- Rental income (loss) = -12.00
- UNADJUSTED BASIS OF ASSETS = 61.00
- Pass through - [some property 2]
- Rental income (loss) = -13.00
- 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?
- Ordinary business income (loss) : ???
- Rental income (loss): ???
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‎June 7, 2020
8:38 PM