Discussion:K-1 for Rental Property

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Discussion Forum Index --> Tax Questions --> K-1 for Rental Property


TimCPA (talk|edits) said:

10 April 2007
My client received a K-1 for his share of a rental property partnership. The only number reported in Part III of the K-1, is an amount in box 2 representing a Net rental real estate loss. I have entered this amount in Part III, Line 2 in the Proseries K-1 Worksheet. However, this amount is not pulling through to line 28F on page 2 of the Schedule E, and also to line 17 of the 1040. What am I missing? Thanks!

Larry0434 (talk|edits) said:

10 April 2007
I am guessing but you should have some basis information. No losses unless basis exist. Is he passive?

TimCPA (talk|edits) said:

10 April 2007
Yes. Limited Partner. He had some gains last year, to recoup prior losses. My guess is that the loss will be suspended.

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