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- Deducting expenses related to income from partnership guaranteed payments for capital
Deducting expenses related to income from partnership guaranteed payments for capital
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Joe18
Level 1
04-02-2021
10:27 AM
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The taxpayer rents property to his majority owned partnership. This rental income is reported on line 4c of the K-1. This amount flows to page 2 of the Schedule E, not to a rental property worksheet.
Where does the taxpayer report the deduction for rental property expenses (depreciation, real estate taxes, insurance, etc.)?
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1 Comment 1
abctax55
Level 15
04-02-2021
10:37 AM
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There are so many things wrong I don't know where to start. I suggest seeking professional guidance.
The "partnership" would pay the individual rent. So the K-1 shouldn't show "rental income", it would show rental expense paid to the individual.
And pay attention to the self-rental rules.
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