I have a Schedule K-1 from an LLC that I am a part of. This LLC is in the business of home renovations. The K-1 shows a loss. It shows a loss because it purchased a home and that was applied to Cost of Goods. The home will be renovated in a future year. I do not wish to have this K-1 loss applied to my 1040 Income this year, but in the future year that the home will be renovated and sold.
How in Turbo Tax do I indicate that this K-1 loss is not to be applied to my income in the current year?
