I receive a K-1 that historically had multiple activities:
As TurboTax instructs, I have been entering these as two K-1s.
Related questions:
Thanks!
There is no problem leaving one K-1 blank for the years without activity. Answer "no" if TurboTax asks if you want to remove that K-1 so your suspended losses remain associated with that activity.
Because both activities relate to the same investment, you should leave both Schedule K-1s in your return until you receive a final K-1. Then report both K-1s as final so all passive losses are released. Make a note to be sure to allocate any sales proceeds between the two activities.
There is no problem leaving one K-1 blank for the years without activity. Answer "no" if TurboTax asks if you want to remove that K-1 so your suspended losses remain associated with that activity.
Because both activities relate to the same investment, you should leave both Schedule K-1s in your return until you receive a final K-1. Then report both K-1s as final so all passive losses are released. Make a note to be sure to allocate any sales proceeds between the two activities.
Thanks, @PatriciaV !
To confirm, when one activity winds up (say, all the remaining investments are disposed of here) that activity nonetheless stays active indefinitely until the other activity (here, the rental real estate) winds up and a final K-1 for the partnership/entity is issued, even if that could be years or decades down the road?