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mikejstein
Level 3

CA Aggregate Gross Receipts from K1 shared between Rental and Trade?

Hello,

 

I have a K1 with both rental and business aspects. For California, they eventually ask for the "Aggregate Gross Receipts". Do I enter the same number for both the rental and business aspects, or should I enter zero for the rental side?

 

Thanks

1 Best answer

Accepted Solutions
ThomasM125
Employee Tax Expert

CA Aggregate Gross Receipts from K1 shared between Rental and Trade?

You would have two entries then, one for passive and one for active. The total of the two entries would equal what is reported on your K-1 schedule. 

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3 Replies
ThomasM125
Employee Tax Expert

CA Aggregate Gross Receipts from K1 shared between Rental and Trade?

Gross income from all business and nonbusiness sources in included in Aggregate Gross Receipts. So, you would have to include the rental and business income in with your aggregate gross receipts. There may be an information box on your screen that you can click on to learn more about it.

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mikejstein
Level 3

CA Aggregate Gross Receipts from K1 shared between Rental and Trade?

Yes, I understand that. My K1 lumps the business and rental aspects together for this company... It's TurboTax that, for whatever reason, wants to split the two aspects of the K1 apart.

So... My question again... When I split them apart, do I need their gross receipts sum to equal the total, or do I enter the total number for both passive and active? 

ThomasM125
Employee Tax Expert

CA Aggregate Gross Receipts from K1 shared between Rental and Trade?

You would have two entries then, one for passive and one for active. The total of the two entries would equal what is reported on your K-1 schedule. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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