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Level 1

How do I report expenses on K1 income

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

17 Replies
Level 20

How do I report expenses on K1 income

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

How do I report expenses on K1 income

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?
Level 1

How do I report expenses on K1 income

No it is not a bussiness, it is a family trust
Level 14

How do I report expenses on K1 income

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
Level 20

How do I report expenses on K1 income

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

Level 14

How do I report expenses on K1 income

That screen is page 3 of the 13 page wallthrough example that was posted prior to your post
Level 20

How do I report expenses on K1 income

Sorry ... didn't notice it.  Very comprehensive posting.
Highlighted
Level 14

How do I report expenses on K1 income

I try  - darn taxation system nowadays means the taxpayer needs to take a 2 week instruction course.
Level 14

How do I report expenses on K1 income

@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...>
Level 20

How do I report expenses on K1 income

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.
Level 14

How do I report expenses on K1 income

Ok, just' was commenting' on the nature of developing a walk-through that the TP. Can follow
Level 1

How do I report expenses on K1 income

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?
Level 20

How do I report expenses on K1 income

What ?   Does the LLC rent out a home it does not own ?  And is not on the mortgage ?
Level 1

How do I report expenses on K1 income

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.