Thanks for your reply Mark.
- I live in Minnesota and it is a general partnership
- The K-1 is marked as a general partnership
- In Turbotax, I have marked that I am a general partner and it is a general partnership
- I marked "yes" that I am at risk for the loss.
- I will double-check to make sure that I have a tax basis schedule properly filled out.
Follow-up question, Are there other limitations (like income level) that may be affecting whether the losses are allowable?
