K-1 LLC Rental Income is entered on Schedule E, Page 2, Part II Partnership Income.
Error Check is asking for Page 1 Rental Data.
All Rental Income is via K-1s. Only the Partnership owns rentals and the data is on Part II, K-1.
QUESTION: How do we get past the error check wanting Rental House data on Page 1, Part 1?
You may be able to delete the schedule E page one. It is not necessary if you only have entries on schedule E page 2. Here is how:
Find the Schedule E, p1 in the list and click on the delete icon to remove it.
You may be able to delete the schedule E page one. It is not necessary if you only have entries on schedule E page 2. Here is how:
Find the Schedule E, p1 in the list and click on the delete icon to remove it.
Thank you ThomasM125. Your suggestion worked great.
We have another question. Regarding Form 709 (not supported by TurboTax software), we gifted our son residential Rental Real Estate. We, the Donors, are assessed gift tax on Fair Market Value but have heard that our son must carry our Depreciated Basis as his Basis, not the Fair Market Value.
Hope this is not true.
Again, thank you so much for your help.
Basis transfers when giving a gift. So, yes, your son will carry the depreciated basis on the property that you have gifted him. His basis will be adjusted if the FMV at the date of the gift is lower than your adjusted basis. He will also adjust his basis by adding any gift tax that you pay as well as any improvements or adjustments that he makes to the property.
Here is the IRS on basis transferring with gifts.