Hello!
I so hope you guys can help me! I have spent over 2 hours on the phone with Turbo Tax and no one can figure this out!
My K1 shows a loss in box 1 and box 2. Per instructions, I have entered them both separately, however, it is only showing the box 1 loss on the 1040? What am I doing wrong? I show that I am an active participate and have reset it, deleted and started over- literally everything the TT people could think of- there has to be something we are missing! Anyone have this happen? Thanks in advance!
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I just printed it and its showing it is passive income but it is not. I checked the box saying it I was active participant. What am I missing?
rental real estate activities are passive activities, except for real estate professionals, pursuant to IRC 469.
with active participation, the rental loss flows to form 8582 Part II where the allowable portion is computed
if your adjusted gross income was more than $150,000 none of this loss is allowed except against passive income.
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