My client has a partnership which conducts rental real estate activity. He has a net income after expenses. He has Sec 179 expenses which would offset the net income, but it is disallowed because of passive activity rules.
However, he can qualify as a RE professional. The problem is that the software will not flow the Sec 179 to the K-1 because it is disallowed and carried forward. How do I enter the appropriate portion of the Sec 179 expenses to flow to the K-1 so it can be used on the personal return?
no the partnership is not, but I need to flow the sec179 to the k1 for the partner who is eligible to take the deduction
@Devildog8589 wrote:
How do I enter
You haven't told us what software you use, so we can't tell you how to enter something.
I'm using ProSeries
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.