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  • 1.  PTET - Partnerships and Allocations

    Gold Most Valuable Member
    Posted 04-05-2022 12:21 PM
    Hi All,

    My understanding is that the expense deduction for the PTET payment is allocated only among the equity partners; it is part of Line 1 ordinary income on the K-1. 
    The actual PTET credit is allocated among all the partners.
    All partners will also have an add back to income equal to the amount of their credit on their IT-201, reported on IT-225.

    Is this correct? Please comment.

    Debbie

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    Deborah J. Zelen, CPA
    917-923-5331
    debbie@djzcpa.com
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  • 2.  RE: PTET - Partnerships and Allocations

    Platinum Most Valuable Member
    Posted 04-05-2022 06:58 PM

    100%

     

    Are all partners In state residents?

     

     

    Abby Alhante,  CPA

     

    Kurcias  & Alhante, LLC  CPAs

    525 Broadhollow Road   Suite 104

    Melville NY  11747

    516.829-5890  Ext  2   Fax 516-829-3976

    Mobile 516-381-9301

    AbbyA@KurciasAlhanteCPAs.com

    ( E mail response preferred )

     

     






  • 3.  RE: PTET - Partnerships and Allocations

    Gold Most Valuable Member
    Posted 04-05-2022 07:15 PM
    Thank you Abby.
    Yes, all NYS residents.

    Hope you are doing well.

    Debbie

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    Deborah J. Zelen, CPA
    917-923-5331
    debbie@djzcpa.com
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  • 4.  RE: PTET - Partnerships and Allocations

    Silver Most Valuable Member
    Posted 04-06-2022 06:53 PM
    Not so fast  - I remember discussing this issue with respect to non-equity partners - with the renowned Barry Sunshine and I recall he had some ideas.  I want to review it again.

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    Robert Barnett
    CPA, ESQ.
    Capell Barnett Matalon & Schoenfeld LLP
    Syosset NY
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Discussion Disclaimer

The opinions expressed are the views of the author alone and should not be attributed to any other individual or entity and shall not constitute an accounting opinion.