This is a simple procedure.
- Under Wages and Income, scroll down to the Subheading Business Items, and select K-1 (Partnership K-1) .
- Or if in Turbo Tax Online, go to S-corps, Partnerships, and Trusts>Schedule K1
- On the screen Choose Type of Activity indicate its Rental Real Estate:
- Answer the appropriate questions about being a Real Estate Professional, Active Participation, and Special Handling.) It is also important that the income amounts themselves be reported in Box 2, since this is Rental Income.
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