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Business & farm
Thomas: thank you for answering my questions. When I asked about them, I neglected to say that both activities on my K1 are partnership (LLC) activities, and the amounts I inputted from the K1 onto the worksheets appear on Schedule E, Page 2. Box 2 is net rental real estate income. Box 1 is ordinary business from a self storage business owned by the partnership. I do not understand how these different kinds of partnership income have different tax treatments. They are both passive income or losses.
May 4, 2021
3:27 PM