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Level 1
October 30, 2024
Question

K-1 requirements for a nonresident and limited partnership loss

  • October 30, 2024
  • 1 reply
  • 18 views
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    1 reply

    Employee Tax Expert
    October 30, 2024

    United States non residents are not required to file a return unless they have income subject to tax.  

     

    If all you have is the K-1 from a limited partnership that shows a loss, you do not have to file as you have no income subject to tax.

     

    However, you may want to file a return to track the loss and possibly have it carried forward to offset future income.

     

    A great resource if you are seeking more information is IRS Publication 519, US Tax Guide for Aliens.

     

    Thank  you for joining us at the Ask the Expert event today!