Where do property taxes paid go on K-1 for LLC?

Redheather · ‎June 1, 2019

The $ amount from 1065 for property taxes paid flows to the K-1 box 13, code W

These are then deducted on the taxpayers Schedule A?

Does this affect the capital account as a negative amount?

PatriciaV · ‎June 1, 2019

Yes, you are correct. The amount from Schedule K-1 Box 13 Code W flows to the shareholder's Form 1040 Schedule A.

As a deduction, this amount would decrease the shareholder's capital account.

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PatriciaV · ‎June 1, 2019

Yes, you are correct. The amount from Schedule K-1 Box 13 Code W flows to the shareholder's Form 1040 Schedule A.

As a deduction, this amount would decrease the shareholder's capital account.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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