Investors & landlords

Thank you for your timely reply and thoughtful response, @maglib . To clarify, the other partners and I do not farm at all—not as a business, not as a hobby. We simply cash-rent the land (we inherited) to a real farmer and get a contractual yearly payment that is divided among the partners. So no QBID. In regard to the K-1(1065), the accountant who preps the forms wrote this in regard to the box 1 entry [my commentary in italics]: "-6 [amount varies slightly by year] is your share of the fee paid to the Sec. of State of [state name]  for the annual report of the entity. The rent income is on its own separate form [<--not sure what she means by this, since I can clearly see the "rent income" right there on this exact same K-1(1065] and the cost of the annual report actually should be an entity expense, not a rent expense, although there is no tax detriment/audit risk to place it either place [<--Then why couldn't she just have "combined" them somehow so we don't have to do two K-1(1065)s?] but the fee is technically not a rent expense . . .This may seem cumbersome for self-prepared individual returns. Yes, you enter the partnership as if it is 2 partnerships and put the 2 different income/loss items on each." [so why didn't SHE create two different K-1(1065s) for each of us?] This advice [two separate K-1s when filing taxes] seems to fit what the TT interview is also suggesting:

So when entering the first K-1 in TT (from a single K-1 provided by the accountant, with values in Part III boxes 1, 2, and 19), I create one K-1 with ONLY my box 1 value (the small sec of state filing fee "loss") + the box 19 value (distributions), and ANOTHER K-1 with ONLY the box 2 value (the net rental income) + the box 19 value (the distributions) AGAIN. Perhaps I should be entering that box 19 value only once, on ONE form--the K-1 that reports box 2, since it somehow seems more "related" to the rental income? (Am I actually being taxed twice for entering box 19 on both the first and second form? I don't think so, as the "wages and income" summary page shows only ~one year's income value.) Actually, if there were any way to get around this whole loss carryover thing by somehow combining everything into one K-1, I would do it, because frankly claiming 6 or 7 bucks a year as a loss (even if I knew how to use that to my tax advantage!) is worthless to me in exchange for the yearly hassle and heartburn and time spent worrying about this whole damned "two separate K-1s and loss carryover" junk.