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Yes, there is another rental with income of $3091. Yes, the K1 for being a physician does have ordinary income in box 1 of $82760 on page 2 of Sch E. Holy Cow. I completely get it now. Judy, thank you so much. This was confounding me, no matter what I was looking at. I just could not pull it together. Yes, that 130,250 is what pulled both suspended losses up front, and I see it now. I looked back at another with suspended losses that I did a couple of weeks ago, and it was so smooth. This one involved so much more with multiple properties and the K1 physician income. Thank you so very much. I could have trusted the software and let this go, but I HAD to understand it all. I never let the software simply fly. And your help is a game changer. I appreciate you!

THANK YOU, ABBY! I had no idea you had to check that in Global Settings. I thought the check-off on the Election form in the return would do it. Makes sense now that I think about it. Obviously, this has never come up before and I have been an ATX user for many, many years. It worked just fine. What you don't know will kill you. & DANRVAN. (Although this is not farm/ranch property). Good to know, however.

Indeed, it was not. Judy really nailed it for me. The software was right. I just couldn't wrap my head around the analysis at all. Whew. Thank God for this forum, and especially Judy for holding my hand and walking me through this.

https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf This is the most authoritative source. I found answers here that could be not be found anywhere else. PPP is covered in section 1102 page 6. Loan forgiveness section 1106 page 19 EDIL section 1110 page 26. I have some anxious clients to talk to next week, this has given me a better understanding to help them.

Thank you, Dan.

Putting that aside, since this document is destined for the FEDERAL REGISTER, it is the closest we have seen to an authoritative source. There have been a lot of articles published with conflicting information. This answered a lot of my questions.

So I got tired of trying to remember all the steps to take doing this and finally took the time to document it all. I hope this helps save someone else a lot of time and aggravation going forward. If there's spelling, grammar issues, I apologize. When I created this, I didn't intend to publish. Reconciliting Self-employed health insurance and premium tax credit.pdf

I love the title Interim Final. Is that an oxymoron? And, the promise to issue more guidance soon. My brain is turning to mush. I'm returning to tax prep now.

OK, I looked back at the pdfs you posted. Is there a 4th rental with income of $3,091? I think this return is probably correct. Property A had a current loss of $1850 plus the suspended losses bring it to a total of $44678. There's some sort of worksheet you referred to that is netting all of that with the gain from its sale of $174928 to arrive at a positive number left over from the gain to apply to the other rentals that also have losses (current and prior coming forward). That number is 130250. That figure is what is allowing the carryforward suspended loss on property B to be deducted in this year. That positive balance is allowing the current loss on property B plus its suspended losses to also be utilized in 2019. Those losses total $45231 Then there are properties with net income: property C of $165, and another that isn't shown on the schedule you shared that must have income of $3091, All of that nets out to the loss allowed of $86653 (-44678, -45231, +165, +3091) The other schedule you shared was Schedule 1, line 5 showing a net loss from all Schedule E activity that would include the K-1 activity. The figure on line 5 is -3893. Does the K-1 for being a physician have ordinary income in box 1 of $82760 that is shown on page 2 of Sch E?

The 2020 returns will have a credit for the appropriate amount based on 2020 taxpayer(s) and dependent(s). There'll be a subtraction of the amount of the advance check, but not below zero. Any positive result will be a refundable credit on the 2020 return.