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Is it a good thing if my net rental real estate income is…

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Is it a good thing...
Is it a good thing if my net rental real estate income is HIGHER than the previous year on my K-1?
Submitted: 2 years ago.Category: Tax
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Answered in 2 minutes by:
2/19/2016
Tax Professional: Tax.appeal.168, Tax Accountant replied 2 years ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,637
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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More income on the Schedule K-1 means more income that you have to report. More income can equate to more taxes. If you need to show more income to get a loan or something, than the more income is a good thing. Otherwise, I would say not a good thing because you may have to pay more taxes.

Let me know if I can be of further assistance to you regarding this matter.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 2 years ago

Is there a particular reason why the income is more this year than in a previous year? Did something change? Might be a red flag. You might want to look into that to see why the amount is higher than the previous year.

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