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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.
‎September 9, 2022
9:42 PM