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- Seeking Proconnect workflow advice for K-1 Box 2 with mixed rental types (commercial, self-rental, land)
Seeking Proconnect workflow advice for K-1 Box 2 with mixed rental types (commercial, self-rental, land)
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SSURANICPAPLLC
Level 1
yesterday
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I’m looking for practical advice from anyone who has handled K-1s that report rental real estate income or loss in Box 2 when the partnership owns multiple types of rentals (commercial, self-rental, vacant land, etc.). Our current problem:
• The K-1 reports a single Box 2 amount that actually represents different activity types.
• ProConnect does not let me allocate portions of Box 2 to different activity types when entering the K-1. I have to manually split the K-1 into multiple K-1 entries so I can route amounts correctly on the 1040 as passive vs nonpassive.
• Splitting the K-1 creates bookkeeping and tax headaches, especially around allocating overall basis across the underlying properties. TIA
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