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Amended tax with k- 1 showing loss, yet taxes went up.
I had my first K-1 for a family LLC. Line 1 shows loss of (-$1,048). Line 2 shows net real estate income of $2,367. I had to amend my 2016 filing and assumed I would get a refund because of the loss, but instead I owe both Fed and State. (line 14 does show the self-employment loss of -$1,048). Why is this adding to my taxes if the LLC showed a net loss?
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posted
June 6, 2019
6:45 AM
last updated
June 06, 2019
6:45 AM
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Amended tax with k- 1 showing loss, yet taxes went up.
Line 2 shows income of $2,367, and that's what is increasing your taxes. The loss on line 1 is a different type income, so it doesn't directly offset the income on line 2. Depending on your other income and other information on the K-1, the income on line 1 may be offsetting other income on your return, or it may be a suspended loss that will carryover to 2017.
June 6, 2019
6:45 AM
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