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If your K-1 shows more than one type of activity (ie: Box 1 and Box 3), treat each one separately. Enter all Box 1 business items on one K-1 and all Box 3 rental items on a separate K-1.
When you add a new K-1 for the second activity, enter only the information from Part I, skip Part II, then enter the income & expenses for Box 3 (rentals).
See the screenshot below for the instructions that appear when you check the box for "This K-1 reports amounts in more than one of boxes 1, 2, and 3" (click to enlarge).
If your K-1 shows more than one type of activity (ie: Box 1 and Box 3), treat each one separately. Enter all Box 1 business items on one K-1 and all Box 3 rental items on a separate K-1.
When you add a new K-1 for the second activity, enter only the information from Part I, skip Part II, then enter the income & expenses for Box 3 (rentals).
See the screenshot below for the instructions that appear when you check the box for "This K-1 reports amounts in more than one of boxes 1, 2, and 3" (click to enlarge).
It makes sense that if you have to enter multiple K-1s you would want to avoid entering the same info twice, but how do I determine what to enter in each form from Part III (i.e. the info in Box 17, 19, 20, etc...)?
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