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Investors & landlords
I can answer #2: This is an oddity / bug in the interview. Starting in the 2nd yr of a K-1, the first time you go through the interview, it doesn't ask about capital account / liability, just as you noted. BUT, if you 'update' that K-1 to go through the interview a 2nd time, it will ask about those items. Alternatively, you can simply go into 'Forms' mode, pull up the worksheet, and enter the information directly. Either way, this information is only for your records. It doesn't go in with your return.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
‎April 18, 2021
8:54 AM