turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

sunny131
Returning Member

Short term rental- partnership filing

I am using Turbotax business. and I am filing for a LLP-partnership.

Income is generated from short-term rentals. Now the K1 generated has a box 2 income/loss.

This cannot offset the w2 income in TurboTax home and business because box 2 is real estate income/loss.

But Short term rentals are active participation and should allow for offsetting w2 income.

What needs to be corrected in filing the partnership?

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
PatriciaV
Employee Tax Expert

Short term rental- partnership filing

The net rental real estate income (loss) reported on Schedule K-1 Part III Line 2 can be reported as an active activity by answering "Yes" to the question "Did You Participate?" This question appears during the K-1 interview of your personal tax return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
sunny131
Returning Member

Short term rental- partnership filing

on the personal side, when filling out part III of K1, I am filing section 2 -Net rental real estate income (loss) with actively participated checked but it does not reflect in the final deductions.

even checking the materially participated does not impact the numbers.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies