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Business & farm
Patricia, that would make complete and total sense if the $125,000 loss were reported as a capital gain/loss. But it is not....it is shown as an ordinary income loss on the K-1, which doesn't make sense considering my $20,000 investment in the venture. But because it is reported as ordinary income loss, TurboTax is allowing a deduction this year for the full amount...$125,000. That doesn't seem right, especially since I reported my basis as $20,000 in Part II of the K-1 Additional Information form. Shouldn't TurboTax be limiting my deduction to that?
2 weeks ago