Gwen4
Level 3

Hey, hopefully I can help.  In the General Information:  I mark joint, and then if they filed any 1099s for any contract work they had done to the property mark 1, if not mark 3.  The only reason I would mark "did not actively participate" is if they used a property management company.  Otherwise that's all I would fill out on general information for a rental property.

 

In the Other Information section, I would list the number of hours of significant participation hours between 100-500.  The other info isn't going to apply to most people.

Hope this helps.

 

0 Cheers