LSTAX
Level 4
12-07-2019
07:22 AM
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This is a vacation rental that is mostly rented short term through an out of state property management company. Entering the days rented and personal days does not change the K1 losses allocated to the two partners, $21,000 each . Once imported into the partner 1040, the K1 shows the loss on line 2 and the entire loss is disallowed. Form 8582 is populated. Is this correct?
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