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Updated almost 3 years ago, 03/01/2022
can I use NON 'passive losses' for short term rental property ?
A CPA (in prior year) told me that if my rental property has avg rental period LESS than 7 days than my losses can be treated as "NON passive" on form 1065. in this case they go on page 1 of the 1065 and I do NOT complete a form 8825
the advantage being that on my personal 1040, these losses can REDUCE my taxable income. is this true?
this year im using turbo tax for my 2020 1040 and its telling me i owe self employment tax because of 'non farm gross income' on my k1 even though I have another year of "net" loss. where am i going wrong ?