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New Member
posted Jul 5, 2020 10:40:28 AM

How do i report my partnership loss on my personal tax return?

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2 Replies
Level 15
Jul 5, 2020 10:47:16 AM

The partnership should have sent you a Schedule K-1 showing the loss. See the FAQ at the link below for instructions to enter the Schedule K-1 in your personal tax return. Partnerships are often late in providing Schedule K-1 to the partners. If you have not received it yet, you might have to apply for an extension of time to file your tax return.


Where do I enter a K-1 that I received?

 

Not applicable
Jul 5, 2020 10:50:21 AM

partnership loss is reported on form k-1 for a partnership.  many other issues to go with that. is the loss passive? if so maybe none or only part of the loss is deductible.  then there is basis, you need basis to take deductions for losses assuming they're allowed.