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?
