I am one of three partners in an LLC. We own rental properties and I am primary maintenance person that does the repairs and service. Is this income/loss considered passive or non-passive activity for the purpose of the Schedule E.
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I am one of three partners in an LLC. We own rental properties and I am primary maintenance person that does the repairs and service. Is this income/loss considered passive or non-passive activity for the purpose of the Schedule E.
By definition, it is a passive activity since you are NOT a real estate professional who buys and rents properties as part of your real estate business.
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