Thank you for your help. We actually built this - purchased lot, built home, and sold it. Unfortunately, we ended up holding about 9 months longer than anticipated, and those holding costs essentially negated the anticipated profits. I am specifically wondering if we are allowed to recognize the entire loss in one year or if we are somehow limited. I believe we are all active members, not passive. The partnership files a 1065 and sends the individuals K-1s. One partner files Schedule C, and the other two are salaried employees outside of this business venture. Trying to get a jump on planning for year end, especially for the Schedule C filer. Thank you for any additional insight!
