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Investors & landlords
Same problem with a different twist. Our short term rental is owned in a partnership, so we received a K1 with the losses reported in box 2. However TT doesn't allow us to treat the box 2 rental losses at nonpassive and such dont get the deduction. The 4 of us equally manage the short term rental (2 couples) ourselves. So we do ALL the work as a partnership and the average stay is less than 7 days. If anyone figures out how to get TT to allow the K1 losses to be treated as nonpassive that would be hepful.
March 27, 2024
5:29 PM