How do I report expenses on K1 income

glstokes · ‎June 7, 2019

How do I report expenses from K1 income on Turbo Tax Business software

Critter · ‎June 7, 2019

Do you mean your business gets a K-1 from another business ?

glstokes · ‎June 7, 2019

I received a K1 as I am a partner of a business. I incurred expenses for this business, which were not reimbursed to me. How do I report these expenses?

user74247 · ‎June 7, 2019

No it is not a bussiness, it is a family trust

ScruffyCurmudgeon · ‎June 7, 2019

This comment was for someone on 1065 - 2 months ago, otherwise disregard

See the examples of what the Business Form 1065 K-1 would look like (a dummy example) and then how you enter it into your personal Form 1040 Schedule K-1 received, with specification that partnership did NOT reimburse expenses. Business 1065(K-1) preparation Recipient of Artnership K-1 entries into Personal 1040 interview Personal !040 entry of K-1 and resulting K-1 for 1040

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Critter · ‎June 7, 2019

Look for this screen in the K-1 entry section.

ScruffyCurmudgeon · ‎June 7, 2019

That screen is page 3 of the 13 page wallthrough example that was posted prior to your post

If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67

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Critter · ‎June 7, 2019

Sorry ... didn't notice it. Very comprehensive posting.

ScruffyCurmudgeon · ‎June 7, 2019

I try - darn taxation system nowadays means the taxpayer needs to take a 2 week instruction course.

If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67

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ScruffyCurmudgeon · ‎June 7, 2019

@Critter#2 if you liked that one, check out the one for this question <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4609618-i-entered-the-distribution-from-the-1099-r-in-business-for...>

If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67

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- Just donating my time
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Critter · ‎June 7, 2019

I have not had access to the business account since I worked for TT 5 years ago. Don't even try to answer those questions.

ScruffyCurmudgeon · ‎June 7, 2019

Ok, just' was commenting' on the nature of developing a walk-through that the TP. Can follow

If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67

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- Just donating my time
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Anonymous · ‎June 7, 2019

Can I include interest on loan in this business expense section if this loan is used to buy the investment home in the LLC, for which I received a schedule K1?

Critter · ‎June 7, 2019

What ? Does the LLC rent out a home it does not own ? And is not on the mortgage ?

Anonymous · ‎June 7, 2019

Sorry I should have been clear. This is a heloc loan and not a regular mortgage loan. And yes the LLC rents out the home.

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How do I report expenses on K1 income