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- Re: Report K1 income, Deduct rental loss from real estate LLC ?
Report K1 income, Deduct rental loss from real estate LLC ?
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skyworks
Level 5
05-14-2021
07:52 AM
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Hi,
Sch E rental loss could not deduct due to income limit.
But if they have a K1 from a LLC ( a rental property owned by LLC), two partners (husband and wife) both actively manage day to day business, only one is General manager.
The LLC has rental loss abouyt $11k first year, Is this loss deductible?
On K1 input screen:
I checked the box "Actively participated in real estate", loss can not deduct.
But if I check the box of "Not A Passive Activity" - the $11k loss deducted as nonpasive loss on p2 SchE and flowed to Sch 1 line 5.
Is that make sence? Rental loss can be deducted through LLC but not on Sch E???
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1 Comment 1
sjrcpa
Level 15
05-14-2021
10:29 AM
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No. Rental income is passive. It doesn't matter if you own it outright or through an LLC.
The more I know, the more I don't know.
