Hello tax experts:
I have received my K1 in which I have passively participated, a 1231 gain. I believe as per tax rules this should go as long term capital gain in schedule D (turbo tax is doing it correctly) then the same amout is deducted againt my passive loss at form 8582 (which I believe is wrong). In other words, my gain is deducted against passive loss + taxed for this year.
am I entering anything wrong while doing K1 or any other way to prevent this double treatment .. I talked to 4/5 turbo tax customer service agents, though they understand the issue, could not offer any solution. I really appreciate any help from the community.
Thank you !!!!
