Tolly
Level 3

You are correct. The basis schedule is wrong for partners not subject to 163(j) limitations. It decreases basis for the partners share of the interest expense twice, so basis is incorrect by the partners share of the interest expense.

I fixed mine by going to the partner basis worksheet and inputting the correct numbers. The interest expense still shows up on line 4b but does not carry into line 10 so basis is correct.

I will try what you did and see if it works for me. That will be interesting.

As I posted earlier I spoke with Lacerte help. They could not resolve the problem which I understand because I believe it is a programming issue. The person told me she would look into it with others. I asked her to get back to me but I have heard nothing and it has been almost a week I think. That is a little disappointing. She could at least call me back and let me know they are trying if they are.

0 Cheers