My son and his wife opened a business under a partnership LLC last year in November. We are not a community property state. Per IRS, they will need to file form 1065 which is similar to Sch C for self employed persons. They ended with a big loss so is there a limit on the amount of loss they can deduct and can they carryover to subsequent tax years? The TT Home & Business does not include the 1065 preparation or the K1. Do I manually prepare this? Form 1065 is confusing.
Thank you
