Rental Partnership Taxation

Technical topics regarding tax preparation.
#1
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14-Jan-2020 3:49pm
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NC
If the standard mileage deduction is taken on an individual's 1040 through a UPE k-1 for an LLC that had a passive loss, is the UPE still considered a passive loss, or is the individual allowed to take the decrease in income even if they have no passive income to deduct from?
 

#2
Pitch78  
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22-Apr-2014 7:17am
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Oklahoma City
Look at the instructions for Schedule E. It explains how to handle UPE.
 


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