Schedule E should allow for reporting partnership losses and income as per the reference below from Turbotax. However, in turbotax desktop application and even online when I select schedule E, it only allows me to select "Rental Property" or "Royalty Property or Payment". There is no selection that allows me to to select a partnership loss. Can you please urgently advise how I can fill in a schedule E from scratch to reflect losses in an investment partnership where I invested as a limited partner in an LLC?
Also, are losses in this situation deductible from W2 income or only against passive gains?
"If you are a partner in a business venture, the partnership will report your share of business income, expenses, gains and losses on a Schedule K-1. If you receive this form, you will need to have it handy when filling out the Schedule E since the amounts you input on Schedule E will mirror those on your K-1."
