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Business & farm
Thank you so much for your time, I should of known a K-1 was tricky, lol
Schedule E pg 2 has the loss in column K of 14,591 which is actually the loss on the K-1 part2 line 1(-14,951).
The amount on k-1 in line 20 has AJ*STMT. When I go to that it has
Aggregate business activity gross income……..$18,741
Aggregate business activity total deductions……$20,224
Then under that it says This partner will not receive a schedule K-3 from the partnership unless the partner requests the schedule.
I am 75% owner and my dad was 25%.
I only have a K-1 pg 1 and then pg2 with supplemental information at top referring to box 20’s AJ
Then a Statement A--QBI pass through entity reporting (sch K-1, Box 20, code Z) at the top with -14,951 in box ordinary business income(loss)
Then form 502 schedule VK-1 for my state of VA.
So when I choose type of disposition not via sale it asks for purchase date and sale date. I did not sell it, we just closed. No longer exists.