In 2024 my sibling and I purchased a rental property (Passive Activity). There was no income and a $162 loss for each of us (Box 1, Part III on K-1).
Form K-1 has been filed.
Is it correct that the loss isn't allowed on 1040 because there is no income?
Also, how is this reported on 1040? If the loss isn't allowed, is there any forms that need submitted with 1040.
Confused on this.
Thank you.
