Received K-1. There was an entry in 13 W for property taxes. Not sure where to enter it. Was told it should go on Schedule E and then 1040, line 17. But where on Schedule E? Is it other taxes on the worksheet or just #8 other? If #8 other, I have to enter it "in the appropriate form" but don't know where that is. Can anyone help?
This is per the IRS Partner's Instructions for Schedule K-1 (Form 1065) (2017) see Partner's Instructions K-1
line 13 w
(13) Code W. Other deductions.
Amounts with this code may include the following. Since this is for Property Taxes:
Itemized deductions that Form 1040 filers report on Schedule A (Form 1040). This will be part of any property tax deductions on your schedule A. If you do not file a schedule A, you will not claim this deduction.
This is per the IRS Partner's Instructions for Schedule K-1 (Form 1065) (2017) see Partner's Instructions K-1
line 13 w
(13) Code W. Other deductions.
Amounts with this code may include the following. Since this is for Property Taxes:
Itemized deductions that Form 1040 filers report on Schedule A (Form 1040). This will be part of any property tax deductions on your schedule A. If you do not file a schedule A, you will not claim this deduction.
Thank you. That was extremely helpful. It seems like a simple answer but the K-1 instructions are very confusing.