pjjjp
Level 2
12-07-2019
06:38 AM
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One of my clients received a K-1 form with a loss. His combined income totals $200k for the year. Can he still claim a loss on his 1040 tax return or should i just enter the K-1 for informational purposes and he wont be getting any deduction for this? thank you
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TaxGuyBill
Level 15
12-07-2019
06:38 AM
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Which box of the K-1 has a loss?
pjjjp
Level 2
12-07-2019
06:38 AM
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Box 1- Ordinary loss from an LLC
pjjjp
Level 2
12-07-2019
06:38 AM
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I'm sure at some point in your careers you did not know this neither, and I never said I've been doing taxes for long. This is actually my first time working with a K-1 if you should know.
People would rather take the time to offend others rather than help...that;s great!!
People would rather take the time to offend others rather than help...that;s great!!
garman22
Level 13
12-07-2019
06:38 AM
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@pjjjp You need a mentor to help you prepare. There are still items that I come across after 30 years I am unfamiliar with....but I research and thankfully I have friends in the business who I can lean on in times of need. I looked at your questions and they are fairly basic. These are things you should know already. Good luck!
abctax55
Level 15
12-07-2019
06:38 AM
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:+1:
"*******Tax software is no substitute for a professional tax preparer*******
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abctax55
Level 15
12-07-2019
06:38 AM
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Sorry...my phone has the yips
"*******Tax software is no substitute for a professional tax preparer*******
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garman22
Level 13
12-07-2019
06:38 AM
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for sure.:laughing:
TaxGuyBill
Level 15
12-07-2019
06:38 AM
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If the taxpayer as enough Basis, yes, it will be deductible. There isn't an income limitation to claim an ordinary loss.
IRonMaN
Level 15
12-07-2019
06:38 AM
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Passive loss maybe?
Slava Ukraini!
Slava Ukraini!
pjjjp
Level 2
12-07-2019
06:38 AM
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yes. My issue is that the proseries is not automatically transferring the loss is I'm entering on K-1 to box 17 .
thank you
thank you
TaxGuyBill
Level 15
12-07-2019
06:38 AM
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Is it showing up at all on page 2 of Schedule E?
Have you gone through the error check/review?
Have you gone through the error check/review?
De
Level 1
04-16-2020
01:34 PM
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I have K-1 from a Partnership with a loss and he has basis to cover the loss. So, how do I make Proseries make the loss available right now the loss is disallowed.
Thank you
DeAnn
sjrcpa
Level 15
04-16-2020
02:12 PM
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if it's a passive activity and he has no other passive income it won't be deductible this year. Look at Form 85882
Ex-AllStar