The best method for entering information from a grantor letter into the TaxAct® program is through the Schedule K-1 (Form 1041) Beneficiary's Share of Income, Deductions, Credits, etc.. Schedule K-1 (Form 1041), which reports pass-through information to beneficiaries of a trust or an estate, is the most similar to the grantor letter.
To enter or review information from Schedule K-1 (1041):
Real Estate Investment Trust (REIT) is a form of trust. Entering the information on Schedule K-1 (Form 1041) will result in the information then appearing on Schedule E (Form 1040) Supplemental Income and Loss, Page 2, Part III as is necessary. Using this entry method, passive income from rental real estate would be entered in Box 7, depreciation in Box 9a, and amortization in Box 9c.
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