Discussion:Partnership Portfolio Expense Reporting

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Revision as of 21:06, 12 February 2009

Discussion Forum Index --> Advanced Tax Questions --> Partnership Portfolio Expense Reporting
Discussion Forum Index --> Tax Questions --> Partnership Portfolio Expense Reporting

Mtmckeecpa (talk|edits) said:

12 February 2009
PPC 1065 Deskbook example 14H-1 seems to imply that RE taxes on investment land are allocable to portfolio expense other on 1065, Sch K, line 13d, then to Sch k-1, line 13 code L, Deductions - portfolio other (1065 for 2008). This ultimately flows to 1040, Sch A, line 28, misc other.

Proseries does have an embedded line item for deductions related to portfolio income, 1040, Sch A, line 28.

I would have thought that RE taxes, in this case, would flow to 1040, Sch A, line 6 and NOT line 28.

Anyone else see RE taxes coming through this way to line 28 versus line 6?

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