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CharlesStanford
Level 2
Friday
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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.
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Terry53029
Level 15
Saturday
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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
Level 13
Saturday
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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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