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C
CharlesStanford
Level 2
May 23, 2026
Question

1065

  • May 23, 2026
  • 1 reply
  • 0 views

LLC filing a 1065.

Client has long-term rentals but does not qualify as a real estate professional.  He also has two short-term rentals which meet all the requirements for losses being fully deductible (I know the requirements, no need to revisit/repeat them here).  How to present these on the 1065 in ProSeries and have the K-1 flow properly to Form 1040?

Thanks in advance.

 

1 reply

T
Terry53029Intuit Community Champion
Intuit Community Champion
May 23, 2026

short term rental with services would be entered on the 1065 page one (all income and expenses) long term rentals on 8825 rental income/expense worksheet

    Accountant-Man
    Accountant-Man
    Level 13
    May 23, 2026

    Assuming that the members are active managers of the entity, the page 1 income/loss will be non-passive and the rental losses on the 8825 will remain as passive.

    And...FYI, the K-1s will have entries on both lines 1 and 2, and PS requires two separate K-1 worksheets for the members' 1040s.

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