TSW
Level 3
06-17-2024
04:18 PM
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I have a client with a rental property being reported on 1065 because 2 brothers own the property. The property generated losses, however the tax payer does not qualify to claim those losses due to high income. My question is how do the suspended losses get tracked in the program in the case they sell the property so we use the suspended losses against capital gains?
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Taxes-by-Rocky
Level 7
06-17-2024
04:31 PM
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Form 1065 K-1 Worksheet; Box 2 for RRE. See check boxes for Box 2. [Presumably, the program should do the rest....but you'll want to check.]
TaxGuyBill
Level 15
06-17-2024
06:29 PM
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It is limited on the 1040. On the K-1 worksheet under line 21 and on Form 8582.
TSW
Level 3
06-19-2024
01:43 PM
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I don't see a box 2 on the K-1 worksheet, are you talking about Line 2 on the actual K-1, (Net Real Estate Income)?
