I am starting to do my taxes but before that i would like to understand basic K1 concept. This is little new to me
(All the numbers below are FAKE). Lets say my investment in commercial REIT is $250.00 Having that in mind few questions.
- Schedule K1, Line 20AH has a line item "Qualified Nonrecourse" with value $350.00 (higher then my investment value). I am confused. What does it represent? Where am i supposed to use this in turbo tax?
- in 199A worksheet W-2 wages are $20.00. Is this something I will report in federal tax form? Where else am i supposed to use this in turbo tax?
- It has a line item called "Qualified property" with valie $450.00. Same question #1. What is this and why it is higher then the investment? Where am i supposed to use this in turbo tax?
- There is partner's basis worksheet and it shows that there is $250. investment, $350 liabilities and total with some other number comes down to $605.00. Where and how am i supposed to use this information in turbo tax?
