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where on the form 1065 do I input to get the unadjusted basis for qualified property?

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Level 1

where on the form 1065 do I input to get the unadjusted basis for qualified property? I thought you would go to the detail of each fixed asset and click on "Activity name or number".  When I do that, the drop-down gives me only one option to click on...."Undefined." So I did that for all fixed assets and only a portion of the fixed assets came up as qualifying for the calculation of unadjusted basis for qualified property. Any help would be great.  

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6 Replies 6
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Level 15

Before selecting activity, you need to select Form. Is the asset tied to 1=1065 or maybe it is tied to 3=8825 or ...?  


ex-AllStar
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Level 1

Thanks George for responding. I did assign it to Form 8825 # 3 (it is rental real estate).

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Level 15

You should be able to leave the activity number blank, if you only have one rental

Look at the K-1 and scroll down pages to the statement A.  You should find the UBIA there.


ex-AllStar
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Highlighted
Level 1

OK, it is picking up some of the fixed assets as qualified but not nearly all of them. It lists maybe 20 of the total 75 fixed assets. I don't know why it is leaving some of them out. Almost all of the fixed assets should qualify except for the step-ups. Again, thanks for your help on this.

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Level 15

Are some assets fully depreciated? Are some assets past their "best by" date? Look up what constitutes UBIA. Support will be open tomorrow, you should likely contact them.

 


ex-AllStar
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Highlighted
Level 1

Yes, I'll check into that and call tomorrow as well. Have a great day George.

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