gk
Level 5
02-10-2021
07:00 PM
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Hi,
Client has a passive k1 loss(rental) of $50000 this year. How can i offset passive loss with Non passive income. SchE L 28 shows 0 under Non passive Loss K-1. Married couple their income is $350k. Pls advise
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sjrcpa
Level 15
02-10-2021
07:04 PM
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Passive losses can only be used against passive income, unless the passive activity is disposed of in a taxable transaction.
The more I know the more I don’t know.
gk
Level 5
02-10-2021
07:09 PM
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If the client has Material participation i can use that for offset Nonpassive loss, right?
Accountant-Man
Level 13
02-10-2021
07:46 PM
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No. You would need Real estate professional to use loss against other income in your income bracket.
Try reading some of the rules; you seem to need more experience in this area.
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