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K-1 passive losses not deducted from K-1 capital gain
The partnership sold its primary investment, resulting in a capital gain, but the partnership did not end. The significant passive losses were not deducted against the capital gain. The tax professional I spoke to said that Turbotax Home & Business was incorrectly not allowing the deduction, resulting in large amount of tax owed. How do I fix this, so I can file an amended return that actually deducts the passive losses (including past passive losses) against the capital gain?
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‎November 19, 2020
11:50 AM