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Level 2
March 6, 2020
Solved

K-!

  • March 6, 2020
  • 1 reply
  • 17 views

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.

    Best answer by Irene2805

    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.

     

    1 reply

    Irene2805Answer
    Level 15
    March 6, 2020

    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.

     

    Irvine1Author
    Level 2
    March 6, 2020

    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.