I am a partner at a LLC with a real estate investment. This investment incurred loss and the property was disposed for a loss and the LLC closed in 2019. I have a K-1 issued to me with net real estate loss (Box 2 of K-1) and 1231 loss (Box 10 of K-1). When I key in this information in my personal tax returns, these losses do not seem to have any impact (i.e. does not reduce my income or tax obligations).
Based on the article referenced below, 1231 losses should reduce ordinary income (even if those are passive losses since the property has been sold). But I dont see that happening in Turbotax (I am using 2019 Home & Business Windows version).
Appreciate any help or insights.
