I received form 1065 through a syndication. I have amounts reported in both box 1 (Business income) and box 2 (rental income). Turbo tax suggests that I create 2 separate entries as follows:
"Enter business income on one K-1"
"Enter real estate income on another K-1."
However, by doing so, my income is being counted twice. The amount going into form 8995 as well as the amount on line 8 form 1040 are doubled. How do I get around this? Do I really need two K-1 entries as turbo tax is suggesting? how do I make sure the income is not counted twice?
Thanks!
