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Get your taxes done using TurboTax
I have answered that we are General Partners and that we materially participate. . the losses would be passive and only allowed to the extent of passive income
see form 8582
with regard to real estate, only real estate professionals are not subject to the passive activity rules.
https://www.irs.gov/pub/irs-pdf/p925.pdf
Passive Activities
There are two kinds of passive activities.
• Trade or business activities in which you
don’t materially participate during the year.
• Rental activities, even if you do materially
participate in them, unless you’re a real estate professional
April 11, 2022
6:08 PM