Discussion:Loans to a partnership by a partner

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Discussion Forum Index --> Business Growth Community --> Loans to a partnership by a partner

Financial Chef (talk|edits) said:

2 April 2010
anyone know in lacerte where you place "Loans a partner makes to a partnership" for basis calculations? Does one just enter under "recourse loans" and if so what if there are other bank loans to the partnership guarenteed by the partner? do you group the amounts together?

Larry0434 (talk|edits) said:

2 April 2010
Loans from member or partner and recourse, qualified recourse or non-recourse depending on documentation.

Financial Chef (talk|edits) said:

2 April 2010
can you give an example of when a loan from a partner is non-recourse?

RoyDaleOne (talk|edits) said:

2 April 2010
If the partner has no personal liability for the loan it is non-recourse.

For, example an LLC member who has not personal guaranteed a loan to the LLC, makes that loan non-recourse to that member.

Generally limited partners in a limited partnership, or a partner in a partnership who was not a maker on partnership debt, or who did not personally guarantee the loan.

All amounts are group together for each classification of loans for basis calculation purposes as entered on the K-1.

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