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Investors & landlords
I presume you entered the information from a K-1 you received from the LP.
Can you delineate what appeared on the K-1? Specifically, was the loss related to an interest the LP had in real estate? If so, note that there is a special $25,000 allowance for real estate losses that can offset other income (beyond passive income) with active participation (subject to income limits on your return).
‎September 11, 2020
9:13 AM