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Multiple Activities

Aaron
Level 3

Hello all,

I have an S-Corp with many rentals in it. (Bad setup, I know) I am expecting my K-1 export to create an activity for each address but it nets the amount on the 1040 without a statement showing the detail.

Is there a setting to achieve this on the S-Corp side?

If not, how would you recommend this be entered in the K-1 input on the 1040 side?

Thanks,

Aaron

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5 Replies 5
qbteachmt
Level 15

"I am expecting my K-1 export to create an activity for each address"

Why?

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George4Tacks
Level 15

You could include a copy of the 8825 pages with the K-1. Unless there is some logic to various shareholders getting different percentages or specific properties, there would be no reason to do what you are looking for. If the allocations are not equal for the properties, you would have to create a spreadsheet to do the the allocations then use screen 33 to do overrides. 


ex-AllStar
Aaron
Level 3

Thank you for your response. I am preparing both the entity and 1040 and allocations are the same, the supplemental rental schedule is also populating. My issue is I have an SSTB self rental in the entity with 30 other rental properties. So there will be different QBI and possibly passive carryovers applied to each unit. I suppose I should just manually enter each rental on the 1040 side.

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sjrcpa
Level 15

Separate activities for QBI purposes?


ex-AllStar
Aaron
Level 3

Yes and possibly passive losses that should be associated with each rental unit.

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