newwebfin
Level 2
09-18-2024
02:56 PM
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I received a K-1 from LLC (1065) in line 2 as rental loss, I fulfilled all the requirements as a real estate professional I mean I spent 750 hours and more than half of the time I spent. When I entered my K-1 in Turbo Tax software it allowed my all loss as a nonpassive loss but when I entered my K-1 in Pro series software did not allow loss, The total loss showed suspended and appeared in form 8582 as an unallowed loss,
The only way is if I enter the loss in line # 1 as ordinary business income /Loss then all the numbers transfer as nonpassive loss.
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