Hello DawnC, I can't find the way to message you directly. Ugh.
I have a -$125,000 loss from a LLC K1, but a $72,000 cash income from freelance/property management work I've done. No matter how I enter in the cash bank deposits, I'm still getting taxed the full amount. How do I get my K1 to pass through and offset the gains I had in cash? I want to be honest, but it kicks in a $10,200 tax bill if I report the deposits. Why doesn't the extreme loss in my 3 member LLC still show a loss for my total taxable income?
