We have a family cabin we inherited from our parents. Our attorney said put it in an LLC. We did this in 2009. I filed a 1065 and listed the property tax as an expense. Found out later (in 2016) I should not do that. So now I list it on line 20 with code AH. I create the K-1 and the amount gets allocation to each partner so they can use it for a property tax deduction. The issue is for the years I listed it incorrectly as an expense is says I have a passive loss and cannot deduct. We do not want to deduct this. I'd like to zero it out so If and when we sell the amount is not there. We are not entitled to this loss.
posted
February 5, 2022
5:33 PM
last updated
February 05, 2022
5:33 PM