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Can k1 cap account losses be used to offset income

 K1 from unlisted LLC shows ordinary income on line1 of $29K(profit for first time), paid no dividends to help w tax. To date.  partner cap acct analysis section L, has 'Ending cap acct 'of -267K. which has never been used as loss for tax purposes. Any way to use part of that loss to offset income,?  Tthis info gets inputter to another LLC

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Anonymous
Not applicable

Can k1 cap account losses be used to offset income

you'll need a professional to review the returns.  perhaps if there were losses in prior years they should have been deducted in that year.  a negative capital account could in theory result solely from non deductible items 

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