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Forum|Forum|2 years ago
March 1, 2024
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Yes, with a capital lease the lessee depreciates the property and deducts the interest payments. If the lessee pays the property tax then the lessee would deduct those also. The lessor would report ordinary income equal to the difference between the lease proceeds and the cost of the property. The portion of the lease proceeds that represents interest would be reported as interest income. Any interest on a loan the lessor has on the property would be deducted by the lessor as interest expense.

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QandA1Author

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ThomasM125

To prepare an amended Form 1065, you would complete a new return with the correct information and entries, check the "Amended return" box on the top of page 1 and mail it along with a copy of the original return to the address listed in the instructions to Form 1065: Form 1065 instructions

Since you are cancelling the return, your amended return will show no dollar entries so attach a note stating why you are amending it.

You will see an option to amend your personal tax return, by completing Form 1040-X, on your home page when you log into TurboTax. Look at the bottom of the page, under Your Tax Return and Documents. Click on the year you want to amend and choose the Amend (Change) option.

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