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gogolak65
New Member

Schedule k1 partnership business and rental real estate

I have a K-1 and It shows ordinary income (loss) of -232. Do I need to claim this?
1 Reply
MichaelL1
Level 15

Schedule k1 partnership business and rental real estate

IRS requires you to report all income on the tax return.  

If you have a K-1 with a loss, your return will not be accurate, however, they will not come after you and require you to report it. 

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