Form 8825 is used by partnerships and S corps to report income and deductible expenses from rental real estate activities. It is also used to report net income or loss from rental real estate activities reported to the partnership or S corp on Schedule K-1 from a partnership or an estate or trust.
To enter the net income or loss reported to a partnership or S corp on Schedule K-1, from the Main Menu of either the Form 1065 or Form 1120-S select:
- Schedule K - Distributive Share Items
- Income (Loss)
- Net Income (Loss) from Rental Real Estate (Form 8825)
- Other Categories
- Net Gain/Loss from Rental R/E which Partnership is a partner/beneficiary - Enter the amount of income or loss.
- Partnerships, Estates or Trusts which generated this Income (Loss) - For each Schedule K-1 received do the following:
- Press F10 then select New.
- Enter the name and EIN of the entity that issued the Schedule K-1.
Note: This is a guide to reporting rental income or loss from an entity in the partnership or S corp return in the TaxSlayer Pro program. This is not intended as tax advice.