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For a K-1 partnership form I received, there are 5 check-boxes, one is "I have passive activity losses carried over from last year". Is that only for rental property?
I am in a music business partnership (i.e. - writing and recording songs and selling downloads on iTunes). The K-1 partnership form is already completed professionally and I have already received it. In Turbo Tax under the section "Describe The Partnership" there are 5 check-boxes. The instructions say to check any boxes that apply. (1) I am required to pay supplemental business expenses on behalf of this partnership for which I am not reimbursed. (2) I have passive activity losses carried over from last year. (3) All of my investment in this activity is at-risk. (4) I have at-risk losses carrying over from 2019. ------- In regards to check-box
May 13, 2021
4:20 PM