Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProConnect Tax
- :
- ProConnect Tax Discussions
- :
- Report K1 income, Deduct rental loss from real estate LLC ?
Report K1 income, Deduct rental loss from real estate LLC ?
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
skyworks
Level 5
05-14-2021
07:52 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Hi,
Sch E rental loss could not deduct due to income limit.
But if they have a K1 from a LLC ( a rental property owned by LLC), two partners (husband and wife) both actively manage day to day business, only one is General manager.
The LLC has rental loss abouyt $11k first year, Is this loss deductible?
On K1 input screen:
I checked the box "Actively participated in real estate", loss can not deduct.
But if I check the box of "Not A Passive Activity" - the $11k loss deducted as nonpasive loss on p2 SchE and flowed to Sch 1 line 5.
Is that make sence? Rental loss can be deducted through LLC but not on Sch E???
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
1 Comment 1
sjrcpa
Level 15
05-14-2021
10:29 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
No. Rental income is passive. It doesn't matter if you own it outright or through an LLC.
Ex-AllStar
