![]() ![]() If the partnership had more than one rental real estate activity, a statement identifying the income or loss from each activity must be attached. of the Schedule K-1 (Form 1065) instruction has more on what ‘passive’ income means. Income earned by real estate professionals who materially participated in their activities is not passive income. ![]() Only passive income must be recorded on this line. Line item 2 : This line item relates to passive net rental real estate income. Line item 1 : Ordinary business income (loss) is the member’s portion of your LLC’s trade or business income. Schedule K-1 (Form 1065): Part III – Partner’s Share of Current Year Income, Deductions, Credits, and Other Items This is the section of Schedule K-1 (Form 1065) that will be used to record the member’s share of the LLC or partnership’s taxable income. Under Part 2, we captured some of the basic data required. How to Fill Out Schedule K-1 (Form 1065): A Comprehensive Explanation of All the Schedule K-1 Line Items ![]()
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