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Investors & landlords
Was the K-1 for a passive activity where losses are suspended until a sale (or realizing a gain)? If so, nothing you filed would change, but your TT file would include a K-1 worksheet with the suspended losses to be used in the future.
If that's the case, you don't need to file an amended return, but should keep the new, amended TT file for use in future years.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
‎April 22, 2021
6:02 PM