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Returning Member
posted Feb 22, 2024 3:14:12 PM

How to enter that you are a real estate professinal when entering K-1? This existed in 2023 TurboTax. MAJOR FLAW

How to enter that you are a real estate professinal when entering K-1? This existed in 2023 TurboTax. MAJOR FLAW

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3 Replies
Expert Alumni
Feb 22, 2024 3:37:24 PM

This is a simple procedure. 

 

  1. Under Wages and Income, scroll down to the Subheading Business Items, and select K-1 (Partnership K-1) .  
  2. Or if in Turbo Tax Online, go to S-corps, Partnerships, and Trusts>Schedule K1
  3. On the screen Choose Type of Activity indicate its Rental Real Estate:
  4. Answer the appropriate questions about being a Real Estate Professional, Active Participation, and Special Handling.)  It is also important that the income amounts themselves be reported in Box 2, since this is Rental Income. 

Returning Member
Feb 22, 2024 3:47:40 PM

This Section (4) exists in 2022 but not in 2023 -- what I am missing??

Returning Member
Feb 22, 2024 4:03:05 PM

If I delete what was carried over from 2022 I will be able to to as advised. But this should not happen and my real estate professional status should be carried over from 2022 OR an option given to enter it.

 

That's INEXCUSABLE an Intuit MUST fix it. Major FLAW