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HOW TO MARK YES ON LINE 27 OF EP2?

rohittrivedi
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George4Tacks
Level 15

My wife often says "Use your words!" Since you did not use all of yours I am now forced to guess you mean Schedule E, page 2. You want to show that the client has a basis limitation. Assuming a 1065 K-1, go to Screen 20 and look down to the left for Basis Limitation Complete the entries in that section and the Share of Liabilities and Amount at Risk (6198)  sections and you should get a basis limitation worksheet and the appropriate YES marked on page 2. 

https://accountants-community.intuit.com/search?filters%5Bcountry%5D=US&filters%5Bdocument_type%5D=A... has some helpful articles on Basis


Here's wishing you many Happy Returns

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1 Comment 1
George4Tacks
Level 15

My wife often says "Use your words!" Since you did not use all of yours I am now forced to guess you mean Schedule E, page 2. You want to show that the client has a basis limitation. Assuming a 1065 K-1, go to Screen 20 and look down to the left for Basis Limitation Complete the entries in that section and the Share of Liabilities and Amount at Risk (6198)  sections and you should get a basis limitation worksheet and the appropriate YES marked on page 2. 

https://accountants-community.intuit.com/search?filters%5Bcountry%5D=US&filters%5Bdocument_type%5D=A... has some helpful articles on Basis


Here's wishing you many Happy Returns
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