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Grouping K-1's

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Level 2

How do you do grouping of K-1's with a rental property and operating entity?  I have 2 rental and 2 separate operating entities that are one business but also own the buildings and I do not want the losses limited after the Cost Seg we just completed.  

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Level 15

No need to ask twice:

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/grouping-k-1-and-busine...

 

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches
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Level 15

Does ProSeries have a box to check for self rental?


ex-AllStar
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Level 12

Grouping for purposes of being a Real Estate Professional is done by including a detailed statement with the tax return.  You would attach a PDF of that statement to the tax return (or mail it with the mailed tax return).  If you are grouping with the business, I think you are looking for Revenue Procedure 2010-13:

https://www.irs.gov/pub/irs-drop/rp-10-13.pdf

 

If that is not what you are trying to do, please give as more details about what you are trying to do and why.

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Level 2

Thank you so much.  I have all of this done  and all the attachments but cannot get all the losses to be allowed in proseries.

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Level 12

The purpose of grouping is to qualify for Material Participation.

Did you check the Material Participation boxes on the K-1 sheet and the Real Estate Professional box on the general "Info Wks" (the page where you enter the taxpayer's name, address, SS#, etc.)?

 

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Level 2

I have the materially participated and actively and the real estate is a trade or business checked.  I do not see anything on the informaton sheet regarding a real estate professional.  

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Level 8

but, as any potential politician knows, it's better to have a grouping problem than a groping problem!!

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