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I am a 1/4th partner in an LLC (Partnership) which disposed of itssole asset, a piece of real property. The final K-1 was prepared for 2016 and shows a Net Long-term capital loss of $60,199 on line 9(a) of the K-1n(Form 1065). Is this deductible? if so

 
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PatriciaV
Employee Tax Expert

I am a 1/4th partner in an LLC (Partnership) which disposed of itssole asset, a piece of real property. The final K-1 was prepared for 2016 and shows a Net Long-term capital loss of $60,199 on line 9(a) of the K-1n(Form 1065). Is this deductible? if so

Yes, Schedule K-1 Box 9(a) Net Long-Term Capital Gain (Loss) is reported on Schedule D Line 12 of your personal tax return.

Up to $3,000 of the capital loss will be deductible this year, unless you have other capital gains to offset the loss. Any unused capital loss will carry forward to future returns until used up.

Enter all the information from Schedule K-1 under Federal Taxes >> Business Items >> Schedules K-1, Q. TurboTax will transfer your entries to the proper forms in your return.

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PatriciaV
Employee Tax Expert

I am a 1/4th partner in an LLC (Partnership) which disposed of itssole asset, a piece of real property. The final K-1 was prepared for 2016 and shows a Net Long-term capital loss of $60,199 on line 9(a) of the K-1n(Form 1065). Is this deductible? if so

Yes, Schedule K-1 Box 9(a) Net Long-Term Capital Gain (Loss) is reported on Schedule D Line 12 of your personal tax return.

Up to $3,000 of the capital loss will be deductible this year, unless you have other capital gains to offset the loss. Any unused capital loss will carry forward to future returns until used up.

Enter all the information from Schedule K-1 under Federal Taxes >> Business Items >> Schedules K-1, Q. TurboTax will transfer your entries to the proper forms in your return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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