WSO
Level 3

Get your taxes done using TurboTax

Your suggestion is so simple as I can't sort out where/how to allocate between the two K-1's I'll enter in TT for this one K-1.  If  the real estate gets sold in 4-5 years, will your suggestion work?

 

FYI the  business loss in my K-1 block 1 is 10% of value in block 2 (e.g. -$200) .  Rental real estate loss in block 2 is -$2000.

The K-1 blocks that have values annotated are 6, 9c, 10, 11 (code I), 13 with codes V and code W, 17 (code A & B), 18 (code B), 19 (code A), and 20 (codes A, B, N, V, Z).   The attached statements for all these blocks and codes don't explicitly delineate whether they apply to block 1 or 2.  The K-1 preparers simply told me I have everything needed to file and to consult my tax preparer if I have questions.