I've re-read TT's advice several times now:
Since your K-1 reports amounts in more than just one of boxes 1, 2, or 3, the S corporation is involved in more than one type of activity. You should treat each activity separately in TurboTax.
Enter the business activity amount, box 1, on one K-1.
Enter the real estate rental activity amount, box 2, on another K-1.
Enter the other rental activity amount, box 3, on a third K-1.
This will allow TurboTax to properly track your loss carryovers. This is especially important if you ever sell your interest. For all items below Box 3, look for a statement attached to your K-1 to help you allocate these values to the proper activity.
I am moving forward with two TT K-1 entries for my 1120S. I have been able to separate out the values most boxes into their ordinary business income and net rental real estate income counterparts so far, except for Box 16 Code D - Property Distributions. I don't seem to have the information to correlate this value with the activities described in the attached statement - should I copy this value on both entries?
