the taxpayer owns an interest in a partnership that issued them a 1065 K-1 , they do not actively participate in the partnership , the taxpayer files sinf=gle and has an adjusted goss income of $350,000 is the following statement true. 1. royalties received by the partnership and reported on the partner's 1065K-1 box 7 should be reported on page 1 of the schedule E. 2. capital gains reported by the partnership will always be considered long-term. 3. business losses reported on line 1 of the K-1 would flow to the schedule E 2nd page and subsequently to the 1040 this paetnership loss will offset ordinary income. 4business losses reported on line 2 of the K-1 would be passive and therefore limited by passive income
the taxpayer owns an interest in a
1. royalties received by the partnership and reported on the partner's 1065K-1 box 7 should be reported on page 1 of the schedule E.
2.
3. business losses reported on line 1 of the K-1 would flow to the schedule E 2nd page and subsequently to the 1040 this paetnership loss will offset ordinary income.
4business losses reported on line 2 of the K-1 would be passive and therefore limited by passive income
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