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Business & farm
In theory, you should split the values in all the other boxes to reflect the amount that was associated with the rental activity of the business, and the amount that was associated with the "ordinary" business.
In practice, given that the rental activity was a very small share of the income, and assuming you have no information to make a split, frequent advice has been to simply put the values for everything except box 2 on the "ordinary" K-1, and just put box 2 on the second. Alternatively, you could split everything proportionally.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
March 17, 2023
9:41 AM