if you have already reported this on a K-1, check Schedule 1 Line 8Z to see if it is already reported. if not, here is how to report.
- Federal
- Income and Expenses
- Scroll down to Less Common Income and click Show More
- Start next to Miscellaneous Income
- Start next to Other Reportable Income
- For description Section 988 Loss and then place a minus sign in front of the amount.
- This will now be reported in Schedule 1 line 8Z and will be labeled as 988 Loss with the negative amount recorded.
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