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How to specially allocate partnership rental income

cynginger
Level 1
can rental income be specially allocated to partners?  where to enter please?
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Kathi_at_Intuit
Employee
Employee

In Lacerte if you were to type in the search box 'special allocation' in the upper right and click on Search, it would bring up this knowledge base article for you:

Entering Special Allocations in the Partnership Module


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3 Comments 3
Kathi_at_Intuit
Employee
Employee

In Lacerte if you were to type in the search box 'special allocation' in the upper right and click on Search, it would bring up this knowledge base article for you:

Entering Special Allocations in the Partnership Module


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cynginger
Level 1
THANKS for the article reference.  i apologize, my question wasn't clear.    i would like to specially allocate EACH rental location shown on F. 8825, and have that reported on the K-1 supplementary information, by partner.    each partner has different depreciation from their own (contributed) income tax basis.  this is not a 754 nor 743(b) transaction.
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Kathi_at_Intuit
Employee
Employee
You are welcome and thank you for clarifying your questions. You would be able to allocate the income and then you would have to use the supplemental information in screen 30 Supplemental Info. (per partner) to designate which property belongs to which partner.
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