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Investors & landlords
If the K1 income rises to the level of a trade or business Turbo Tax Online should be using the amount in Box 2 of the K1 to properly calculate the allowable business amount to cap the Section 179 deduction. As a real estate professional it is considered Business income per IRS guidelines. Unable to adjust the 4562 using Turbo Tax Online.
March 22, 2022
6:17 AM