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JennyRake1
Level 1
January 29, 2024
Question

Partnership K-1 is showing as Nonpassive when it should be Passive

  • January 29, 2024
  • 1 reply
  • 8 views

How do I change this? First year doing this partnerships taxes. They have rental income from land and should be classified as passive. However, on the supplemental pages of the K-1s, it shows as nonpassive. I can't find anywhere to change it.

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    1 reply

    T
    TaxGuyBill
    Level 15
    January 30, 2024

    I don't use Lacerte, but ...

    Is there a "recharacterization" option somewhere?

    Which box of the K-1 is it in?

    Typically profit from land rental is non-passive, but losses are passive.

      abctax55
      abctax55
      Level 15
      January 30, 2024

      Yes, there's a box to check to mark "not a passive activity" .  3rd line down, under Part II.

      But I agree with you Bill, land rental is handled differently.

      I also want to know what line/box the amount was on on the K-1.

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