The filed K-1 shows no long term capital loss. Can I modify basis on personal achedule D even though K- 1 shows no figure for capital loss and nothing in box 16. The only number on k1 is operating loss and outstanding loan balance. No schedule D. I have kept track of my basis but accountant who prepared final return did not notice stock basis associated with depreciation recaptureand did not think loan loss would be considered capital loss. Over the years, we lost about $80000 in equity on properties purchased in 2006 and 2007. Properties sold for less than we had invested. The loans were provided in the interim to cover repairs and payoff bank loans.
