Quick question – partnerships and PALs

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    Topic
  • August 16, 2015 at 7:28 pm #196165
    Kira K
    Member

    i know that if you are a limited parter, income is passive, but if you’re a general partner who materially participates, its normal income, right?

    FAR (7/2/15) 93
    BEC (7/23/15) 88
    REG (8/18/15) 92
    AUD (10/3/15) 96

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  • August 16, 2015 at 7:34 pm #687557
    TaxGod
    Participant

    Ordinary income yes!

    AUD: 02/28/15 - 89
    FAR: 05/29/15 - 80
    BEC: 08/03/15 - 81
    REG: 08/27/15 - 76

    August 19, 2015 at 4:37 am #687558
    spatel15
    Participant

    Unless it's from rental activities and you're not considered a real estate professional.

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