Thank you so much for your help. It seems like you are reading my mind. Suspended Loss carry over was next question.
Suspended loss Carry over from Last year. Line 1 of K1 worksheet (within TT forms mode) Ordinary income/loss = (-$10000)
Schedule 1
Line 4 = 5900 ( This are ordinary gain from Box 7 of K1 but this got little bit reduced but it is coming from Section 1231 gain/loss Form 4797 = (-$100)
Line 5 = (-10000)
Line 10 = (-4100)
Then this line 10 number is going to Form 1040 (line 8, additional income for Sch 1). This number is negative so it is reducing my taxable income by this amount. Is this acceptable or software mistake?
Q: Can Net Business loss from k1 can reduce your tax liability from income such as taxable gains or dividend/interest income?
@nexchap
