I have a partnership LLC (2 people) and just got my K-1. We had bought a house and refurbished it and my K-1 showed a loss of -$32K. I had entered this into Turbotax and I was surprised that it only showed an income loss of about just -$5K. The Capital base for the LLC was $75K and we had pumped $67K into the project.. Can somebody help me with these questions
1)If I had entered a K-1 of -$32K into Turbotax (my share of the loss), why isn't that showing up as a reduction of my net income. I know there are rules about not deducting more than the base capital but this not more than the base capital
2) If the whole -$32K loss is not taken this year, does it mean it is carried forward and will show up in future years. if so, how many years will it take to be used up
3) WHAT should I do now in Turbo tax when reporting this K-1 to maximize the net income loss shown. I had assumed it will be more than -$5K
Thanks for your help
