topic Re: K-! in Deductions & credits

K-!

Irvine1 — Fri, 06 Mar 2020 19:30:28 GMT

My wife and I have a real estate rental LLC business, we are equal partners. The K-1 for each is identical. When I entered the info for her K-1 there was no change in the refund amount. There was when I entered mine but no change when I entered hers.

Re: K-!

Irene2805 — Fri, 06 Mar 2020 19:52:03 GMT

It's hard to tell without seeing the return. Perhaps the income added from your K-1 was enough to put you over the limit for some credits or put you in another tax bracket. When you entered hers, it didn't change your status--you were already over the limit or remained in the same tax bracket.

Re: K-!

Irvine1 — Fri, 06 Mar 2020 20:01:18 GMT

Thank you. I'm sure you're right about the limit of the deduction since most of the deduction is depreciation and I there is a limit if you are a passive investor.