ablantonaz
Level 1
04-06-2021
10:58 AM
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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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abctax55
Level 15
04-06-2021
11:03 AM
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"...We are being told this is wrong."
Being told by ???? that it is wrong?
HumanKind... Be Both
qbteachmt
Level 15
04-06-2021
11:12 AM
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"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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ablantonaz
Level 1
04-06-2021
12:53 PM
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We are being told it is wrong by a CPA
ablantonaz
Level 1
04-06-2021
12:55 PM
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Yes. I've seen this article. Thank you. 😊
qbteachmt
Level 15
04-06-2021
01:02 PM
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"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
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abctax55
Level 15
04-06-2021
02:04 PM
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"...You're the professional tax preparer."
Maybe, maybe not... I'm not convinced.
HumanKind... Be Both