Can I deduct a Business loss from my personal taxes? I have a 1065 schedule K-1 from an LLC partnership indicating a $3365 loss. How do I get that deducted from my taxe

[PatriciaV · Accepted solution]

The loss reported on Schedule K-1 may be included on your personal tax return. However, passive activity losses can be offset only by passive activity gains/income. If a taxpayer's passive losses are limited in a current year, losses can be carried forward until either used or the activity that generated the passive loss is sold. See IRS Tax Topic 425: Passive Activities – Losses and Credits

The easiest way to find this section of TurboTax is to use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in "schedule k-1", and hit Enter. The first result should be "jump to schedule k-1". Click on this link to go directly to the input screen for this topic.