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Summit1
Level 5
September 4, 2021
Question

2020 Returnshould program carry K-1 residential rental loss to schedule E? It is not allowing loss

  • September 4, 2021
  • 2 replies
  • 16 views
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2 replies

T
Terry53029Intuit Community Champion
Intuit Community Champion
September 4, 2021
What type K1 (1065, 1120S ?) did TP materially participate. Does TP have sufficient basis. You are not charged for extra words, give more details
S
Summit1Author
Level 5
September 4, 2021

1065 K-1 (Initial year)TP and spouse each have a K-1 but there is no rental income, only loss. There is sufficient Capital. Based on some other online searches, it seems they will have to carry the loss forward until they have rental income.

sjrcpa
sjrcpa
Level 15
September 4, 2021

Yes. Passive loss rules. The software is correct.

The more I know the more I don’t know.
PATAX
PATAX
Level 12
September 4, 2021
Tried to give thumbs up on this post but it wouldn't let me do it... It is either this junky smartphone or this post is not doing what it is supposed to like the Intuit software does sometimes...
T
Terry53029Intuit Community Champion
Intuit Community Champion
September 5, 2021

I also tried to give a thumbs up no luck ???

S
Summit1Author
Level 5
September 5, 2021

Thank you

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