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I am a limited member in a LLC which holds a real estate. I…

Hi,I am a limited member...
Hi,I am a limited member in a LLC which holds a real estate. I got my 2016 K1 and the K1 show losses on Box 2 and in Section L there is am amount under the "Qualified Nonrecourse financing". Both the 2015 and 2016 show the same amount of "Qualified Nonrecourse financing" on the K1 statement.When I enter the 2016 information to Turbo tax the software allows me to claim the losses since the "Qualified Nonrecourse financing" amount added to my "at-risk" basis (this is my understanding, but I could be mistaken). HOWEVER, Turbo tax also asks for he 2015 "Qualified Nonrecourse financing" information, and when I enter the 2015 into the software, then Turbo tax doesn't allow me to claim this losses.Is there any explanation to this case or am I missing something?Please help
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Answered in 4 hours by:
10/2/2017
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 880
Experience: Business Consultant/Accounting Manager
Verified

Hi. Great Question. It appears that they are taking a cumulative on the software - once you placed the 2015 number into the schedule, the difference between 2016 and 2015 was -0-.

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Customer reply replied 8 months ago
Understood, thank you
You are welcome.
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 880
Experience: Business Consultant/Accounting Manager
Verified
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Category: Tax
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