Hi, We received a k1 from a family trust after my wife's parents passed away. On its K1 under 14 I it says STMT.
On the statement and footnotes page under 199A it shows a business name then a share of ordinary business income amount its a gain, then it lists the same business name and a share of ordinary business income and its a loss. Do I net these amounts? I asked for copies of the K1's for this company that were sent to the trust and they are 100% identical one shows a gain the other shows a loss.
Really confused about what to do.
