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Is rental income still considered passive income in a partnership
Hey everyone one. I just formed a LLC for my Buy and Hold properties for myself and my wife. Since it is both of us on the LLC , I assume the IRS will consider us as a partnership since LLC's are disregarded entities. Since it is a pass through entity does the rental income pass through to us on the K-1's. And is it still considered rental income. I know one a single owner LLC it does but is it the same for multi owner LLC?
Thanks