I filed my 2024 income tax return with TurboTax on April 14th but realized a few days ago that I failed to report a small loss from a K-1 I had received. I am a partner in a small partnership (an LLC) with my 3 brothers that owns a small piece of property - undeveloped land. It generated no revenue but had a small amount of expenses. My share of these expenses per the K-1 was $605. So the only thing on my k-1 is a loss of $605. Candidly, I do not want to amend the return for this small loss (assuming I would even get it under the passive loss rules). But, I was uncertain whether the IRS would try to match reporting for the K-1 for the partnership return that was filed to my tax return which did not report the K-1 information at all. Thoughts?
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If the only thing that the K1 is reporting is that small loss then you do not need to amend your return. The IRS requires you to report all income that you receive. Deductions are (mostly) optional.
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