Box G is for other passive exceptions. Based on your earlier posts, you should not check box G.
This refers to the two exceptions that allow taxpayers to use passive losses to offset earned income:
- The passive loss allowance which allows taxpayers with a Modified Adjusted Gross Income (MAGI) of less than $100,000 to deduct up to $25,000 of passive losses against their other income.
- Qualifying as a Real estate professional.
Since you indicated your income was too high, you could only meet the real estate professional standard, which is:
- More than one-half of the personal services performed in trades or businesses by the taxpayer during the tax year are performed in real property trades or businesses in which the taxpayer materially participates, and
- The taxpayer performs more than 750 hours of services during the tax year in real property trades or businesses in which the taxpayer materially participates.
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