I was told to fill out two K-1s as mine shows both business and rental income. Do I fill out the Capital Account data twice? The IRS might think I have 2x the cost basis.

[ToddL · Accepted solution]

No, you don't fill out the capital account information twice.

The information in Part I,  sections A thru D, and Part II, sections E thru I, must  be entered on each duplicate K-1.

Part III, Sections J thru L (Partner's Share of Profit, Loss, Liabilities and Capital) should not.

[carpediemlnr]

Thanks so much for responding to my question. However, I'm confused as you said to NOT fill out the capital account info twice though section L is the capital account info and you DID say to fill that out for each K-1. Would you please clarify? Thanks again!

[ToddL]

Can't explain how that got entered. Fixed above. Basically you complete all required entries except Partner's Share of Profit, Loss, Liabilities and Capital)

[carpediemlnr]

Thank you very much for your quick answer and follow up. Much appreciated!