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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- Schedule K-1 Rental Real Estate Activities is reporting farm rental as Nonpassive. How do I code Proconnect so it is reported as passive income?
Schedule K-1 Rental Real Estate Activities is reporting farm rental as Nonpassive. How do I code Proconnect so it is reported as passive income?
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aklugcpa
Level 1
02-06-2023
07:15 PM
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Form 1065 for a Family Farm LLC. Farmland is rented out. Members are only involved in determining rental price. Members spend less than 20 hours a year on this property. But on each member's Schedule K-1, Partner's Share of Income, etc, the supplemental inform reports the year end distribution as "NonPass" Based on facts, the income/distribution would be Passive. How do I code Proconnect to show as Passive?
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TaxGuyBill
Level 15
02-06-2023
07:49 PM
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What box of the K-1 is it in?
Is it only renting out land, and nothing else?
