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In a 1065 return, we sold a rental real estate property, giving short term cap loss. The loss is flowing from the 4797 part 2 to the 8825 line 19. Is this right?

ablantonaz
Level 1
On the K1, the loss will become part of the real estate income/loss in box 2. It does not show in box 10, section 1231 gain/loss. We are being told this is wrong.
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6 Replies 6
abctax55
Level 15

"...We are being told this is wrong."

Being told by ???? that it is wrong?

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches
ablantonaz
Level 1

We are being told it is wrong by a CPA 

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qbteachmt
Level 15

"It does not show in box 10, section 1231 gain/loss. We are being told this is wrong."

Did you do your own research?

Such as this article:

https://www.investopedia.com/terms/s/section-1231.asp

 

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"Level Up" is a gaming function, not a real life function.
ablantonaz
Level 1

Yes. I've seen this article.  Thank you. 😊

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qbteachmt
Level 15

"Yes. I've seen this article."

Then the question remains: Do You think it is wrong? You're the professional tax preparer.

Did you read what the IRS tells you:

https://www.irs.gov/publications/p544#en_US_2020_publink100072478

 

*******************************
"Level Up" is a gaming function, not a real life function.
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abctax55
Level 15

"...You're the professional tax preparer."

Maybe, maybe not... I'm not convinced.

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches
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