I should be able to take a K1 loss from the real estate entity I have when combining this Partnership with my S Corp company. I am not certain how to enter this correctly in Turbo tax so the K1 loss is not considered passive and suspended.
Relying on Reg 1.469-4(c). This is the attachment I put together to include in the return. Any help on how to enter this combination of grouping into Turbo tax?
My S Corp has a long term lease with my newly created Real Estate Partnership.
Statement filed in accordance with REV. Proc. 2010-13
Election to group activities pursuant to Reg. 1.469-4(c)
The taxpayer hereby reports the following grouping activity in accordance with Rev. Proc. 2010-13
New Grouping:
The following activities have been grouped as a single activity for the first time during the calendar year.
Name of entity:
Schedule: S Corporation
Address:
Fed ID# XXX
Name of entity:
Schedule: Partnership
Address:
Fed ID# XXX
Hereby declares that any and all grouping created above constitute and appropriate economic unit for
Measurement of gain or loss for purposes of IRS Sec. 469
Thanks Brandon
