Dear Experts,
I just received my Schedule K-3 so I plan to amend my tax return. My K-3 Part II, Section 1, Line 24 line A only has US, amt $863. My K-1 line 21 (Foreign taxes paid or accrued) = zero.
I found post ‘Form 1065 Schedule K-3 Line 24 how to enter US income but turbotax don’t have option to select US as country’ link >> Form 1065 Schedule K-3 Line 24 how to enter US income but turbotax don't have option to select US as...
My K-1:
Line L, Current Year Net Income (loss): -$10,000
Box 11 code C, Other Income (loss): -$10,000
1) The above losses are also listed in col (f) of K-3, Part II, Section 2, Line 31 (Other losses), line 49, 54, and 55. Is it still OK to uncheck K-1 box 16, not reporting K-3?
2) With other stocks, I can only claim the Realized loss if I sold the stocks. This loss in K-1 is Unrealized Loss. I didn’t sell any of the Partnership shares and IRS allows me to claim this loss?
Thank you!
