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lennys123
New Member

K1 has a loss on line 1 and line 2. this investment is a building. program is saying cant have entry on both lines. now what?

K1 has a loss on line 1 and line 2. this investment is a building. program is saying cant have entry on both lines. now what? Thanks Lenny

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Accepted Solutions
AmandaR1
New Member

K1 has a loss on line 1 and line 2. this investment is a building. program is saying cant have entry on both lines. now what?

You'll need to enter to enter your schedule K-1 twice: 

  1. For the box 1 ordinary income/loss, and 
  2. For box 2 real estate activity

For other amounts in Part III of your schedule K-1, refer to an attached statement for your schedule K-1, so that you know which amounts to enter for each activity. This is necessary so that the software can calculate each activities income/loss and is standard practice for reporting a K-1. 

After adding one schedule K-1 for box 1, you'll be able to select to Add another K-1 and you'll see your entries listed from a summary screen at the beginning of this section. 

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2 Replies
AmandaR1
New Member

K1 has a loss on line 1 and line 2. this investment is a building. program is saying cant have entry on both lines. now what?

You'll need to enter to enter your schedule K-1 twice: 

  1. For the box 1 ordinary income/loss, and 
  2. For box 2 real estate activity

For other amounts in Part III of your schedule K-1, refer to an attached statement for your schedule K-1, so that you know which amounts to enter for each activity. This is necessary so that the software can calculate each activities income/loss and is standard practice for reporting a K-1. 

After adding one schedule K-1 for box 1, you'll be able to select to Add another K-1 and you'll see your entries listed from a summary screen at the beginning of this section. 

lennys123
New Member

K1 has a loss on line 1 and line 2. this investment is a building. program is saying cant have entry on both lines. now what?

There was two K1 already attached to my return for the same building. So on one I filled in all the lines exact like the one I received including line 1 just leaving the entry off line 2. The second one I filled in line two with the new entry from this year only. On sch E I do see both losses listed although line 2 was calculated to a reduced amount by the program. Is this right?

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