czarcpas
Level 1
12-07-2019
02:05 AM
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PhoebeRoberts
Level 11
12-07-2019
02:05 AM
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I think your question is this: Wife and husband co-own a profitable limited partnership, in which which the wife is a general partner and the husband a limited partner. They also have a jointly owned rental property, which has losses. Is the husband's income from the LP passive, such that it would free up the rental losses?
If that's your question, the answer is no. The husband is not considered passive in the LP, due to the wife's active participation.