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    Unrealized Gains on Market Investments on the Balance sheet of Partnership

    meyercpa
    Level 1
    ‎02-21-2021 02:56 PM

    Hello, 

    I have a Limited Partnership client that owns approx $280k in stocks and futures. The value at the end of the year includes $18k in unrealized gains. When completing the tax return do I lower the carrying value on the Balance Sheet or report the unrealized gains on an M-1 adjustment? Thank you for any guidance on this!

     

     

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    1 Comment 1
    sjrcpa
    Level 15
    ‎02-21-2021 05:27 PM

    Depends on your accounting method. Be consistent from year to year.


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