4) you wrote: " In your case, as an LP who did not actively/materially participate in the LLC/MMP rental business, your passive activity loss is limited to your passive activity income, in your case ZERO."
Does TT add ALL depreciation and all loses from my dozens of K-1 behind the scene and if there were any positive number (net profit) then it would have automatically populated that as income on form 1040? For now, since the net of dozen of K-1 is still negative (loss) TT is not populating anything on form 1040. Maybe TT is computing behind the scene and just carry forward the depreciation and losses to the next year since it is still negative (loss), is that Correct?
I just want to make sure that TT is adding all K-1 and then deciding to populate the 1040 or not. There is no indication of that. There is no way a user to know that. There is no message about this from TT.
