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4. If you have income on line 2, enter the income

should give you a description and the amount of

cost of section 179 property placed in service

on Form N-15, line 17. However, if the box

your share for each of these items.

during the year from other sources, to complete

in Item E is checked, report the income fol-

Part I of federal Form 4562, Depreciation and

Report loss items which are passive activity

lowing the rules for Publicly traded partner-

Amortization. Use Part I of federal Form 4562 to

amounts to you following the instructions for fed-

ships discussed in the federal instructions for

figure your allowable section 179 expense de-

eral Form 8582. However, if the box in Item F is

Schedule K-1 (Form 1065).

duction from all sources. Report the amount on

checked, report the loss following the rules for

line 12 of federal Form 4562 allocable to a pas-

Line 3. Income or loss from other rental

Publicly traded partnerships discussed in the

sive activity from the partnership following the

activities.—The amount on line 3 is a passive

federal instructions for Schedule K-1 (Form

instructions for federal Form 8582. However, if

activity amount for all partners. Report the in-

1065).

the box in Item E is checked, report this amount

come or loss as follows:

Report income or gain items which are pas-

following the rules for Publicly traded partner-

1. If line 3 is a loss, report the loss following the

sive activity amounts to you as instructed below.

ships, discussed in the federal instructions for

instructions for federal Form 8582. However,

If, in addition to this passive activity income or

Schedule K-1 (Form 1065). If the amount is not a

if the box in Item E is checked, report the loss

gain, you have passive activity losses from any

passive activity deduction, include it on Form

following the rules for Publicly traded part-

source, also report the passive activity income or

N-15, line 19.

nerships discussed in the federal instructions

gain on federal Form 8582.

Please note that Hawaii has not adopted

for Schedule K-1 (Form 1065).

The instructions given below tell you where to

changes to federal tax law relating to the increase

2. If income is reported on line 3, report the in-

report line 11 items if such items are not passive

of the section 179 deduction for enterprise zone

come on Form N-15, line 17. However, if the

activity amounts.

businesses and “bonus” depreciation.

box in Item E is checked, report the income

Line 11 items may include the following:

Line 14. Deductions related to portfolio in-

following the rules for Publicly traded part-

•

Partnership gains from disposition of farm re-

come.—Amounts entered on this line are the

nerships discussed in the federal instructions

capture property (see Schedule D-1) and

expenses (other than investment interest ex-

for Schedule K-1 (Form 1065).

other items to which section 1252 applies.

pense and section 212 expenses from a REMIC)

Line 4. Guaranteed payments.—Generally,

•

Recoveries of bad debts, prior taxes, and de-

paid or incurred to produce portfolio income.

amounts on this line are not passive income and

linquency amounts (section 111).

Report

These deductions are not taken into account in

should be reported on Form N-15, line 17.

these amounts on Form N-15, line 19.

figuring your passive activity loss for the year. Do

•

Portfolio Income (loss)

not enter them on federal Form 8582. Generally,

Gains and losses from wagering (section

include these amounts in the Itemized Deduction

Income or loss referred to as “portfolio” income or

165(d)).

•

Worksheet, Worksheet A-6 — Miscellaneous De-

loss in these instructions is not part of a passive

Any income, gain, or loss to the partnership

ductions, in the Form N-11 Instructions; or in the

activity subject to the rules of section 469. Port-

under section 751(b). Report this amount on

Itemized Deduction Worksheet - For Nonresi-

folio income includes interest, dividend, and roy-

line 11, Schedule D-1.

dents, Worksheet NR-6 — Miscellaneous Deduc-

•

alty income, and gain or loss on the sale of prop-

Specially allocated ordinary gain (loss). Re-

tions, in the Form N-15 Instructions; or in the

erty held for investment.

port this amount on Schedule D-1, line 11.

Itemized Deduction Worksheet - For Part-Year

•

Line 5. Interest.—Include the amount in the In-

Net gain (loss) from involuntary conversions

Residents, Worksheet PY-6 — Miscellaneous

terest Worksheet in the Form N-15 Instructions.

due to casualty or theft. The partnership will

Deductions, in the Form N-15 Instructions.

Line 6. Ordinary Dividends.—Include the

give you a schedule that shows the amounts

Line 15. Other deductions.—Amounts on this

amount on Form N-15, line 9.

to be entered on federal Form 4684, Casual-

line are other deductions not included on lines

Line 7. Royalties.—Include the amount on Form

ties and Thefts, Section B, Part II, line 34, col-

12, 13, and 14, such as:

N-15, line 17.

umns (b)(i), (b)(ii), and (c).

•

Itemized deductions other than those report-

Line 8. Net short-term capital gain (loss).—In-

ed on line 14.

Deductions

clude the amount in the Capital Gain/Loss Work-

Note: If there was a gain (loss) from a casualty

sheet in the Form N-11 Instructions or Form N-15

Line 12. Charitable contributions.—The part-

or theft to property not used in trade or business

Instructions.

nership will give you a schedule that shows which

or for income-producing purposes, the partner-

contributions were subject to the 50%, 30%, and

Line 9. Net long-term capital gain (loss).—In-

ship will notify you. You will have to complete

20% limitations.

clude the amount in the Capital Gain/Loss Work-

your own federal Form 4684.

sheet in the Form N-11 Instructions or Form N-15

If property other than cash is contributed and

•

Any penalty on early withdrawal of savings.

instructions.

if the claimed deduction for one item or group of

•

Soil and water conservation expenditures

similar items of property exceeds $5,000, the

Line 10. Net gain (loss) under IRC section

(section 175).

partnership is required to give you a copy of fed-

1231 (other than due to casualty or theft).—

•

eral Form 8283, Noncash Charitable Contribu-

Expenditures for the removal of architectural

The amount on line 10 is generally a passive ac-

tions, to attach to your tax return. Do not deduct

and transportation barriers to the elderly and

tivity amount if it is from a rental activity or a trade

the amount shown on this form. It is the partner-

disabled that the partnership has elected to

or business activity in which you did not materi-

ship’s contribution. Instead, deduct the amount

treat as a current expense (section 190).

ally participate.

•

shown on line 12 of your Schedule K-1 (Form

Any amounts paid during the tax year for in-

If the amount is not from a passive activity,

N-20).

surance that constitutes medical care for you,

report it on line 2, column (g) or (h), whichever

If the partnership provides you with informa-

your spouse, and your dependents.

is applicable, of Schedule D-1, Sales of Busi-

•

tion that the contribution was property other than

ness Property. You do not have to complete

Payments made on your behalf to an IRA, Ke-

cash and does not give you a federal Form 8283,

the information called for in columns (b)

ogh, or a Simplified Employees Pension

see the Instructions for Form 8283 for filing re-

through (f). Write “From Schedule K-1 (Form

(SEP) plan. See the Instructions for Form

quirements. Do not file federal Form 8283 unless

N-20)” across these columns.

N-15 as to payments to a Keogh or SEP plan.

•

the total claimed deduction for all contributed

If the payments to a Keogh plan were to a de-

If gain from a passive activity is reported on

items of property exceeds $500.

fined benefit plan, the partnership should give

line 10, report the gain on line 2, column (h),

Charitable contribution deductions are not

you a statement showing the amount of the

of Schedule D-1 and be sure to see Passive

taken into account in figuring your passive activity

benefit accrued for the tax year.

Loss Limitations in the Instructions for

•

loss for the year. Do not enter them on federal

Schedule D-1.

Interest expense allocated to debt-financed

•

Form 8582.

distributions. The manner in which you report

If a loss from a passive activity is reported on

Include the amount on line 12 in the Itemized

such interest expense depends on your use

line 10, see Passive Loss Limitations in the

Deduction Worksheet, Worksheet A-4 — Gifts to

of the distributed debt proceeds. See Notice

Instructions for Schedule D-1. You will need

Charity, in the Form N-11 Instructions; or in the

89-35, 1989-1 C.B. 675, for details.

to use federal Form 8582 to determine how

•

Itemized Deduction Worksheet - For Nonresi-

much of the loss is allowed on Schedule D-1.

Interest paid or accrued on debt properly al-

dents, Worksheet NR-4 — Gifts to Charity, in the

However, if the box in Item E is checked, re-

locable to your share of a working interest in

Form N-15 Instructions; or in the Itemized Deduc-

port the loss following the rules for Publicly

any oil or gas property (if your liability is not

tion Worksheet - For Part-Year Residents, Work-

traded partnerships discussed in the federal

limited). If you did not materially participate in

sheet PY-4 — Gifts to Charity, in the Form N-15

instructions for Schedule K-1 (Form 1065).

the oil or gas activity, this interest is invest-

Instructions.

ment interest reportable as described below;

Line 11. Other income (loss).—Amounts on this

Line 13. Expense deduction for recovery

otherwise, it is trade or business interest.

line are other items of income, gain, or loss not

property.—Use this amount, along with the total

included on lines 1 through 10. The partnership

Page 3

Partner'S Instructions For Schedule K-1 (Form N-20) - Partnership'S Income, Credits, Deductions, Etc. - 2012 Page 3

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