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Get your taxes done using TurboTax
@LM232 The reason the K-1s are split is that passive losses from rental activity can't be used to offset gains from "ordinary business" activity, and vice versa. So you should attempt to break out all the line items on the K-1 between the two activities in as sensible a way as you can to try to comply with that restriction (pro forma is certainly one way to do it).
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
March 23, 2022
9:13 AM