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Level 4
Aug 19, 2019 11:10 PM UTC
Question

Blackstone K-1 Notes, How do I handle in TT?

On my Blackstone K-1 is the following Note:

 

The amount of Line 13H is derived from 2 activities

    - The amount derived from trade of business activities is ...$27

    - The amount derived from investment activities is ...$6

 

I'm not seeing how to handle these in EASY STEP process, do I need to go to FORMS? If either case, an explanation of where and how to enter these into TT would be so helpful!

 

Thank you. 

    2 replies

    Aug 20, 2019 1:18 AM UTC

    the info supplied with the k-1 does not clarify how to handle this.

     

     

    here's my read though it could be wrong

     

    enter the total on line 13H

     

    if you can't itemize the deduction will go nowhere

     

    for r certain individuals there is a 3.8% tax on net investment income - i think the $27 would not be a deduction against this because it is from a trade or business but the $6 would be

     

    again this is a guess.     you can try calling Blackstone's  investor relations department - but don't expect them to give you an answer other than to consult your tax advisor.   

     

     

    the question I would have is if its from a trade or business why is it on line 13H rather than netted against line 1.  you may have better luck than I did.  

    Level 4
    Aug 20, 2019 3:07 AM UTC

    Thanks for the ideas. Will consult with TT specialist and then may have to go to CPA.