topic CA Aggregate Gross Receipts from K1 shared between Rental and Trade? in Business & farm

CA Aggregate Gross Receipts from K1 shared between Rental and Trade?

mikejstein — Sun, 12 Apr 2020 02:34:06 GMT

Hello,

I have a K1 with both rental and business aspects. For California, they eventually ask for the "Aggregate Gross Receipts". Do I enter the same number for both the rental and business aspects, or should I enter zero for the rental side?

Thanks

Re: CA Aggregate Gross Receipts from K1 shared between Rental and Trade?

ThomasM125 — Sun, 12 Apr 2020 20:40:15 GMT

Gross income from all business and nonbusiness sources in included in Aggregate Gross Receipts. So, you would have to include the rental and business income in with your aggregate gross receipts. There may be an information box on your screen that you can click on to learn more about it.

Re: CA Aggregate Gross Receipts from K1 shared between Rental and Trade?

mikejstein — Tue, 14 Apr 2020 13:32:10 GMT

Yes, I understand that. My K1 lumps the business and rental aspects together for this company... It's TurboTax that, for whatever reason, wants to split the two aspects of the K1 apart.

So... My question again... When I split them apart, do I need their gross receipts sum to equal the total, or do I enter the total number for both passive and active?

Re: CA Aggregate Gross Receipts from K1 shared between Rental and Trade?

ThomasM125 — Tue, 14 Apr 2020 21:47:33 GMT

You would have two entries then, one for passive and one for active. The total of the two entries would equal what is reported on your K-1 schedule.

Re: CA Aggregate Gross Receipts from K1 shared between Rental and Trade?

markmartian — Sat, 14 Oct 2023 03:02:44 GMT

So how do I know what part of the Aggregate Gross Receipts is "active" and what part is "passive"? The K-1 only gives one total figure for Aggregate Gross Receipts and doesn't designate how much of that is from active activities, and how much is from passive activities. I don't know how to split the total amount. ?????