Hi Turbotax community,
I have a question on whether to file a return for general partnership formed between wife and husband. Here is our situation. We bought a property in late 2021 and spent some money to furnish and improve the property out of own personal bank account. Around the same time, we also formed a general partnership and got EIN in late 2021. We didn't list our airbnb until Feb. 2022 and only then it started to generate income (2022). All airbnb income go through partnership EIN.
My questions is whether we need to file a partnership return for the year of 2021 since we didn't generate any income & we would like to claim the expenses as our passive loss. Can we claim the loss through our personal tax return and carry forward the passive losses? Can we then offset the passive loss against passive 2022 income from the partnership when we file the 2022 partnership tax return, since partnership is a pass-through entity?
Thank you very much!
