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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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- Passive to Nonpassive K-1
Passive to Nonpassive K-1
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Franchesca
Level 2
10-03-2023
06:56 PM
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Hello,
A client with an S-corp and a rental. When I completed schedule K-1, I checked the all investment is at risk in part II and I also checked materially participated in part III.
When I am getting ready to enter the Corporation's suspended loss carryover from prior year in section A column B, the system changes nonpassive to former/passive.
I understand the rental activity is considered passive; however in regards the carryover loss, the client is materially participating in the corporation and the suspended loss should be nonpassive in section A. Does anyone know if there is a way to show nonpassive status in Section A of the K-1 after entering the carryover loss from prior year? Thank you.
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