newwebfin
Level 2
‎09-18-2024 02:56 PM

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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qbteachmt
Level 15
‎09-18-2024 03:36 PM

You seem to be lost on the internet.

You’ve come to a Peer User community for Intuit Income Tax Preparation products supporting tax preparation professionals using ProSeries, Proconnect and Lacerte Tax Preparation programs, and you may be looking for support as an individual taxpayer using TurboTax. Please visit the TurboTax Help site for support.

And try this screen, for the various topics (subforums): https://ttlc.intuit.com/community/discussions/discussion/03/302

Your sign in user info here is the same one you can use over at the TurboTax forum.

Thanks.

 

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Jim-from-Ohio
Level 11
Level 11
‎09-18-2024 03:54 PM

In ProSeries did you check the box for real estate professional on the federal information worksheet?

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BobKamman
Level 15
‎09-18-2024 04:02 PM

@Jim-from-Ohio He's not using ProSeries, he's using TurboTax.  Maybe a real estate professional, but a tax preparation amateur.  

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Jim-from-Ohio
Level 11
Level 11
‎09-18-2024 04:04 PM

I think he said he is trying to duplicate this in PS also.  maybe he is a new PS user. 

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newwebfin
Level 2
‎09-18-2024 04:30 PM

Hello,

I appreciate your help, yes when I click real estate professionals it works.

Best

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