Should business losses reported on Schedule K-1 (line 1) be included on Schedule D (line 5 or line 12)? They are not showing up on Schedule D in Turbotax.

stephenburringto · ‎June 6, 2019

Rick19744 · ‎June 6, 2019

No.

Line 1 losses will be reflected on Sch E in either the passive or nonpassive section. Additionally, if you are passive, then losses will only be allowed to the extent you have other passive income. If you do not, then the losses will be suspended until such time as you either have income from this K-1 or passive income from another source.

*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.

View solution in original post

Rick19744 · ‎June 6, 2019

No.

Line 1 losses will be reflected on Sch E in either the passive or nonpassive section. Additionally, if you are passive, then losses will only be allowed to the extent you have other passive income. If you do not, then the losses will be suspended until such time as you either have income from this K-1 or passive income from another source.

*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.

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Should business losses reported on Schedule K-1 (line 1) be included on Schedule D (line 5 or line 12)? They are not showing up on Schedule D in Turbotax.