mircpa Posted May 21, 2015 Report Posted May 21, 2015 HelloHave a question regarding a client who own 6 rental properties under an S corporation. Has cumulative rental losses on these six properties totaling approx 194K. Do I have to make 6 different K1 entries onto 1040 so that losses flow appropriately to 8582 as suspended and recapture at time of sales. BUT since these properties are titled under S corporation I am wondering whether is this right approach. Can someone confirm methanks Quote
BHoffman Posted May 21, 2015 Report Posted May 21, 2015 I don't think you can separate them. See 8582 form instructions page 5 here: http://www.irs.gov/pub/irs-pdf/i8582.pdfIn the right hand column: "A partner or shareholder may not treat as separate activities those activities grouped together by the partnership or corporation." 4 Quote
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