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16 hours ago, BulldogTom said:

Passive income does not have to come from the same activity to offset passive losses.   It just has to be passive income.  Are you sure his K-1 from his S Corp is really throwing passive income?   

Modesto, CA

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. 

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The exception is publicly traded partnerships, where passive losses can only offset passive income of that particular partnership. 

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