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What is the correct answer to Form 1065 Schedule B Question 6 about debt if you had a PPP loan that was forgiven or will be forgiven since the forgiven loan is not considered income?

Donna19
Level 1

Question 6  is as follows: During the tax year, did the partnership have any debt that was canceled, was forgiven, or had the terms modified so as to reduce the principal amount of the debt?

 

 

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qbteachmt
Level 15

Here is the support article:

https://proconnect.intuit.com/community/business-income-taxes/help/how-to-enter-forgiven-ppp-loans-i...

It's no longer considered a loan.

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"Level Up" is a gaming function, not a real life function.

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qbteachmt
Level 15

Here is the support article:

https://proconnect.intuit.com/community/business-income-taxes/help/how-to-enter-forgiven-ppp-loans-i...

It's no longer considered a loan.

*******************************
"Level Up" is a gaming function, not a real life function.

View solution in original post

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