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Investors & landlords
You just cannot change how the rental is being calculated on a partnership return form 1065 just to suit your personal return. If you and the other partners want to treat this differently then you will all need to agree to it so what do they say?
And just because you only rented the property for 7 days doesn't mean it is not a passive activity. I think there is more to the story so I highly recommend you and the other partners talk this over with a local tax pro that is well versed in this subject matter and can back up their position with IRS regulations.
‎August 11, 2021
5:00 AM