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dzinser
Returning Member

section 988 loss on K1

how are section 988 losses on a k1 to be reported? must i report them on Schedule E or simply put the description in?

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1 Reply
DaveF1006
Expert Alumni

section 988 loss on K1

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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