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Get your taxes done using TurboTax
The cash influx to the business is NOT reported on a personal income tax return directly... you do not have a personal loss unless the business closes up ... then any unrecovered basis would be captured ... what is allowed is passed thru on the K-1 form which is why the business return must be completed correctly and the books kept accurately. Seek local professional assistance if needed to get educated on your situation and to get the books set up correctly.
‎December 21, 2019
10:15 AM