The loss reported on Schedule K-1 may be included on your personal tax return. However, passive activity losses can be offset only by passive activity gains/income. If a taxpayer's passive losses
are limited in a current year, losses can be carried forward until
either used or the activity that generated the passive loss is sold. See IRS
Tax Topic 425: Passive
Activities – Losses and Credits
The
easiest way to find this section of TurboTax is to use the Search box at the top right side of the
TurboTax header. Click on the magnifying glass, type in "schedule
k-1", and hit Enter. The first result should be "jump to schedule k-1". Click on this link
to go directly to the input screen for this topic.
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