Passive Income Gains/Losses and Oil & Gas Lease Bonus
1. I have $1,500 of net rental real estate income derived from a Schedule K-1. 2. I have $10,000 net rental real estate loss derived from a 2nd Schedule K-1. 3. I have $100,000 Section 1231 gain (sale of S-Corp rental real estate property) from a 3rd K-1. 4. I have a $30,000 Oil & Gas Lease Bonus paid to me individually (less $1,500 in legal fees). a. Is the Oil & Gas Lease Bonus paid to me individually considered passive income and does it belong on Form 8582 with the other passive income gains/losses from the K-1's? b. Can the $10,000 net rental real estate loss be deducted from the $100,000 Section 1231 gain? Or can only a portion of it be deducted from the $1,500 net rental real estate income with the rest carried over? c. How and where are each of the passive gains/losses listed on Schedules D & E respectively?
