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- Partnership K1 with short term rental (under 7 days) how to record to not limit losses
Partnership K1 with short term rental (under 7 days) how to record to not limit losses
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DanCoc
Level 3
03-05-2022
08:47 PM
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I have a client that received a K-1 with a rental loss from a partnership that rents out their property on a short term basis (7 days or less). Services are not provided; just cleaning between renters. Since this is short term it is my understanding that it is not classified passive. My client performs all of the accounting, advertising, rental contracts, pays the bills, etc. I believe they meet the material participation test. On the K-1 worksheet in ProSeries I am not able to stop the loss from going to Form 8582 where their loss is limited due to their AGI. Any suggestion on how to work around this? Thanks, Dan
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