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K-1, Part 111, line 1. Ordinary business income (loss) red flags
I am getting the "need to check red highlights". I placed general costs not specific to a particular 8825 property on the 1065 form. I believe correctly and properly. The general activities 1065 activities are" materially participated" while the specific buildings are not.
I am comfortable with letting the red flags fly, and file with them. ( I will reluctantly wait for the updated K-1).
Any drawbacks with TT program ? With IRS processing?
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‎February 17, 2024
6:14 AM