David Posted June 20, 2014 Report Posted June 20, 2014 H&W have a K-1 (1065) for 2012 reporting $52K in box 13E and for 2013 reporting $56K in box 13E and $56K in box 18B. The 2013 K-1 is marked final.They held onto the 2012 K-1 and gave it to me in 2014 when they dropped off their 2013 tax documents. I entered the information in the K-1 (1065) input sheet but it doesn't carry over to Sch A line 17. TPs already have a form 8283 for other noncash giving. So, I thought I needed to also enter the K-1 information on form 8283 but it still doesn't flow to the K-1 section of Sch A line 17. How do I get this information reported correctly? I have never had a K-1 with a capital gain property to a 50% organization (30%) limitation. The footnotes on the K-1s state: Taxpayer basis is reduced by cost basis of noncash charitable contribution rather than the value of the contribution. Taxpayer's portion of the cost basis of the noncash charitable contribution is zero. Therefore, noncash charitable contribution is not limited. The value of your noncash charitable contribution has been included in tax basis contributions. Some of those statements seem contradictory. Do these statements simply mean that the TP chose to reduce the FMV of the contribution by the amount of LT gain? Therefore, the statement that the contribution is not limited is referring to the contribution isn't limited to 30% but is limited to 50%? The footnote for line 18B on the Final 2013 K-1 says that the $56K is unrecognized gain from noncash charitable contribution. Is this statement only informational and the TP still gets to report the contribution even if there is an unrecogniezed gain to the partnership? Thanks for your help. Quote
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