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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Partnership K-1 is showing as Nonpassive when it should be Passive
Partnership K-1 is showing as Nonpassive when it should be Passive
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JRAKE
Level 1
01-29-2024
05:36 PM
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How do I change this? First year doing this partnerships taxes. They have rental income from land and should be classified as passive. However, on the supplemental pages of the K-1s, it shows as nonpassive. I can't find anywhere to change it.
2 Comments 2
TaxGuyBill
Level 15
01-29-2024
07:21 PM
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I don't use Lacerte, but ...
Is there a "recharacterization" option somewhere?
Which box of the K-1 is it in?
Typically profit from land rental is non-passive, but losses are passive.
abctax55
Level 15
01-29-2024
07:33 PM
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Yes, there's a box to check to mark "not a passive activity" . 3rd line down, under Part II.
But I agree with you Bill, land rental is handled differently.
I also want to know what line/box the amount was on on the K-1.
HumanKind... Be Both
