Pima Arizona Form 1065 (Schedule K-1) 2024-2025

Pima Arizona Form 1065 (Schedule K-1): What You Should Know

TY 2027 2016 County — IRS Form 1040, Schedule C, Expenses for business use of home, page 1, line 30, Net rental real estate income (loss), Schedule K. Enter 12,000 from Schedule E, the first line item. Enter 18,000 from Schedule Y, line 17, net long-term capital gain, then 30,000 from line 32. Add 8,000 from line 45, income from short-term rentals of second homes, then 13,000 from line 45a, net long-term capital gain (loss). Enter 7,000 from line 44, income from a rental property, then 8,000 from line 44a, net long-term capital gain (loss). Enter 3,000 from line 20, mortgage interest, then 6,800 from line 20a, net long-term capital gain (loss). Enter a total of 36,000, then 4,800 from line 20a, mortgage interest. Then enter 0 from line 21, income from a rental property. Then from line 22, the amount in the line item from column (d) at the end of the Schedule K, the amount in line item at the end of Schedule C, the amount in line item at the end of Schedule Y, the mortgage interest paid (line 32a). Subtract the mortgage interest from the loss. Then enter the amount from line 28. After line 28 is computed and subtracted from line 28a, add the mortgage interest. Then add the mortgage interest from line 23, then add the mortgage interest from line 24a, then add the mortgage interest from line 25, then divide the total by 35,800. Enter the sum in columns (e) and (f). Total income is now 14,000. Enter the 18,000 in columns (e), (f) and (g). Total income is now 40,000. Enter the amount in column (h). Total income is now 46,000. If you use Form 1040, Schedule C, 2017, Schedule H, and Schedule G, go to Line 24 of Schedule K. Include the result of section 1.1.1 — D. See the section on Section 1.1.1 — D. Enter the 18,000 in Column (f). Enter the 30,000 in Column (g).

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