Apologies ahead of time for the long post, but I am so frustrated!
I have used TT Premier and TT Business for years and never had this issue before, so I'm wondering/hoping this is just a glitch in the software (that can be fixed).
We have an LLC for our rental properties. I've entered everything exactly the same every year for the K1's (except for the amounts of course). We are general partners and materially participate and qualify as real estate professionals. Here's the problem:
Every time that we've had a loss, the amount from our K1's posts to Schedule E, under "Loss K1" in the "Nonpassive Income & Loss" section and then to Schedule 1, Line 5.
THIS year, it is posting the amount of the loss as zero under "Loss allowed K1" under "Passive Income & loss", and I cannot figure out why!!!!!
The ONLY difference I can think of is that this year--unlike prior years--when entering the K1's in our personal return, it does not ask the question "Is this a trade or business" (although I do see that question on the printed form itself). So I'm wondering if this is the reason why this is happening??
I dearly hope someone can help me--thanks! 🙂
