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It looks like your client sold some of his stock (reported on 1040) and has some gain from the S corp business activity passed through on the K-1. I would want to calculate both inside and outside ...

Even a Real Estate Professional should report rentals on Sch. E. Only hotel/motel type property for which one performs significant personal services goes on Sch C. ------------------------------ James ...

There are certain situations where the owner may be a real estate professional so the income may not be passive income but you would need to review the rules and the particular client's rental activities ...