I'm a General and Domestic Partner in a Domestic General Partnership whose primary business activity is 'Rentals' and principle product or service is 'Real Estate'. My share is 33% and there are three General Partners total.
The partnership return 1065 in the 'Analysis of Net Income (Loss)' section shows all Schedule K amounts in the (ii) Individual (active) column. The K-1 usually shows amounts in boxes 1 & 2 (OBI and rental real estate).
So this leads me to believe I actively participate (not materially participate) in the passive rental activity and would qualify for the $25k deduction exception for losses for active participation in rental real estate?
Any answers, comments, advice welcomed, thanks.
