Thank you very much, PatriciaV, for this helpful info. It's just what I needed for our 2024 tax return. I followed your directions for adding our Grantor Letter details to form K-1.
We also received a similar Grantor Letter last year (2023) but didn't receive it until after filing deadline and us having filed our 2023 Tax Return. It contains some similar categories, but also contains items listed as:
Passive Income (loss) from Business
Other income, Interest and other income
Deductions (Attorney and accountant fees and Admin costs...) - but I understand from your 2nd post that they can not be deducted on Return)
Loss on Life Insurance Policies, Net
Interest Expense
Management Fee (assume this is not a deductible item)
Total Passive Income (Loss from Business) - Note this "total" is close to the amount shown on Passive Income (loss from Business, shown as 1st Income Item above.
Should I Amend my 2023 return and add a K-1 form? Or can I somehow include it in our 2024 K-1? After entering the K-1 info, I am now at an another screen that asks for "Passive Loss Carryovers from 2023", Regular Tax and Alternative Minimum Tax.
T
