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To answer the second question, yes, PS needs separate K-1 worksheets for different types of income on the same physical K-1: 1) Ordinary, 2) Rental real estate, 3) Other rentals.
PS ain't as high falutin' as dose softwares.
Firstly, in order to PROPERLY input the SEPARATE ACTIVITIES which are owned by an entity so that their accounting can be done separately, specifically in matters of sales of an activity for purposes of the passive loss rules: Yes, unless you don't care about each separate activity.
Iffen I 'member correctly, software like Lacerta and Slow Tax (Fasttax) had sub-schedules which attached to the lead K-1 worksheet. Just click a button and get another activity under the Momma K-1
Not so for PS.
Are the dollars material?
Are they PTPs?
Do they all add up to an unallowable loss?
No, the dollars aren't material. The K-1 is not for a PTP. The entities listed in the Section 199A Information notes don't specifically indicate, but I'm assuming they are not PTPs either. They all add up to an immaterial income ($2,369).
I'm wondering if an acceptable workaround would be to list each entity and the applicable dollar amount in a supporting statement on each line in Section D1 (Statement A). This would seem to provide the desired level of granularity and generate only one K-1 worksheet, instead of 25. Thoughts?
For the Net Rental Real Estate Income (Loss) amount, I did go ahead and generate a second K-1 worksheet which just has the partnership name/EIN and the rental income amount. This at least got rid of the error PS gave me when I had both that and Ordinary Business Income listed on the same worksheet.
If I remember correctly, if you report them as separate activities, then you can claim the 'release' of the passive loss carryover for a specific rental when that specific property is sold. If you do not report them separately, you can't do that, and the passive loss carryovers are not 'released' until you dispose of the ENTIRE activity (ALL rentals, or the Partnership Interest is disposed).
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