Thank you for your reply. I was away for work and just got free to try what you suggest. Unfortunately, when doing the interview process with Turbo Tax Online it doesn't ask me about being a real estate professional. I'm wondering if I have to indicate that somewhere else. To help everyone better understand I documented the steps in the interview process to help explain what I'm seeing. This is for the Online version of Turbo Tax if that makes a difference. I apologize in advance for the long post
Wife and I are filing together and we both have our own K-1's. We only have 1 property in the LLC and this is our only property and LLC.
Steps in interview
- Added K-1 for Rental Activity
- Selected that the K-1 was for me and not my wife
- Indicated I was General Partner
- Indicated I was a Domestic Partner
- Indicated my ownership was 50% (wife has her own K-1, same as mine)
- Entered my liability share
- Entered the Capital Account Information
- Indicated that K-1 was for Rental Activity -Box 2
- Indicated that I actively participated
- Indicated no special handling of Rental Activities
- Input the Rental Real Estate Loss in Box 2
- Input that Boxes 19 and 20 had Amounts
- Input the amount from Box 19 (Other property) which was very small
- Input the amount from Box 20 (Business interest expense) which was very small
- Input the amount from Box 20 (Section 199A) which happens to equal Line 2 amount and very large
- Described the partnership - all my investment is at risk, I pay for expenses in which I'm not reimbursed
- Entered my unreimbursed expenses (car mileage basically)
- Indicated no personal asset information used for business
- Indicated no Section 179 carryover
- Indicated no transportation, travel or meals expenses paid
- Indicated no gifts, education or publications expenses paid
- Indicated miscellaneous supplemental expenses for a portion of cell phone bill for me
- Indicated no personal expenses reimbursed
- Indicated all Section 199A income comes from partnership for K-1
- Added in all the Section 199A income, which was basically the Line 2 rental income/loss
- Indicated No uncommon adjustments
- Indicated my income will not exceed $329,800 so additional info needed
- That's it - nothing more
I didn't see the query asking about being a real estate professional.
I wonder what I'm missing. Is the problem with the Online version? Again, any help would be appreciated.
Thanks in advance.
Blake
