This is the fact pattern.
The Client receives a K-1 from a jointly held business (50%) with a loss of $2,597.
The client has 2 schedule C businesses - one had a profit of $18,250, one showed a loss of $1,617 which nets to a profit of $16,633
The client has rental property. At year end 2010 there were suspended losses $35,023.
In 2011 there were losses of $33,382 and a profit of $5,233 - net $28,149 loss
The 1040 is correctly showing the gain from schedule c of $16,633
Line 17, rental gain and loss, is showing a loss of $43,250. I thought the maximum deduction
What am I missing?