tccpg289
Level 4

A taxpayer has a 1065 in which they hold real estate and generate rental income.

The rental income is short-term in nature, thus they do not need to classify it as a passive activity when incurring losses.

https://www.hurdlr.com/deductions/airbnb-income-tax#:~:text=Passive%20involvement%20occurs%20when%20....

Regarding where to enter in ProConnect:

Are the buildings depreciated on a 27.5-year useful life?

How is the land portion of the building stripped out?

Where on the 1065 would it be indicated that this is "NOT" a passive activity?

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