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Business & farm
A couple of comments:
- Not sure how long you have had this investment, but have you maintained a tax basis schedule?
- If you have not indicated if this K-1 is associated with an S corporation or a partnership.
- I am going to assume this is a partnership.
- Do you have any suspended passive activity losses from this activity?
- What does your K-1 box L show as beginning of the year capital account?
- In Part III is there any income reported in any of the boxes?
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
March 23, 2025
10:42 AM