Hello TurboTax Community,
I am trying to enter my K1 on TT. My K1 shows losses in both box 1 (Ordinary business income) and box 2 (Net rental real estate income).
TT is saying that I have to treat each activity separately.
I entered them separately as TT has instructed.
Question:
1. Do I need to adjust some of the information on the K1? For example, box 17 AMT is -24. Do I need to pro-rate against box1 and box2, or do I just enter it as -24 for both K1 entries on TT?
2. I am doing this on TT because I need to amend my return. My tax preparer combined both box1 and box2 amounts and reported it under box 2 (total of -33907). The K1 partnership is related to real estate (mobile home parks). Can I just follow this approach since the partnership is related to real estate?
Thanks.
