K-1 loss offset gain from sale of rental?

[Brandi T.]

I'm figuring a year end tax payment - we sold a rental property for a gain (held more than one year) and will have K-1 losses from two syndications that we are LP.  

Turbotax is allowing the losses from the K-1 to offset the gain from selling the rental...based on Section 469(g)(1)(A) 

Can someone confirm that seems right?  I had expected to pay tax on the gain and the suspended losses would continue to grow until the syndications were sold.

[John Underwood]

Quote from @Brandi T.:

I'm figuring a year end tax payment - we sold a rental property for a gain (held more than one year) and will have K-1 losses from two syndications that we are LP.  

Turbotax is allowing the losses from the K-1 to offset the gain from selling the rental...based on Section 469(g)(1)(A) 

Can someone confirm that seems right?  I had expected to pay tax on the gain and the suspended losses would continue to grow until the syndications were sold.

 K-1 and TurboTax? I would recommend you get a professional to do your taxes. You are beyond a simple return that I would be comfortable using TurboTax for.