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I have a K1 that reflects a loss on line 2 of the k1. When i enter the K1 info in the income section of turbo tax, the loss doesn't appear to be recognized as an offset

Forum|Forum|6 years ago
April 1, 2020
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Best answer by MinhT1

Box 2 of your Schedule K-1 reports the net rental estate income/loss.

Unless you are a real estate professional, the loss is a passive loss and passive losses cannot be deducted (they are suspended) if your MAGI is over $150,000.

Please read the What are passive activities and how do they affect me? section of this TurboTax article for more information.

M

MinhT1Answer

Box 2 of your Schedule K-1 reports the net rental estate income/loss.

Unless you are a real estate professional, the loss is a passive loss and passive losses cannot be deducted (they are suspended) if your MAGI is over $150,000.

Please read the What are passive activities and how do they affect me? section of this TurboTax article for more information.

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