Why won’t turbo tax allow me to take a loss on my K-1 when I have basis, materially participate and meet all the criteria for taking the loss?

Forum|Forum|6 years ago
July 3, 2020
12 replies
64 views

I have affecting this loss on my return for many years. Despite entering all the right information to be able to the deduct but TurboTax still shows $0 as opposed to a loss. I will have to find another way to prepare and file this return if TurboTax will not allow me to take this loss.

TurboTax Premier Online

Anonymous

what type of loss real estate or other? a private partnership of publicly trade one? is your agi over $150,000?

are you a real estate professional. but perhaps the easiest way to see why TT limited your loss is to look at form 8582 if other than a publicly traded partnership. then if you tell us what appears on that form - what lines, maybe we can help you.

DavidS127

Level 13

As Community user HACKITOFF suggested, more information about your issue may help resolve your issue. For example, what kind of K-1 ( partnership, S Corp, etc.) are you entering, what types of income are being reported on that K-1, if a rental property did you indicate you were a real estate professional, and what do mean by the phrase "I have affecting this loss on my return for many years"?

@mitchg219

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mitchg219Author

Level 2

It is a K-1 for a partnership. I am at risk, have basis and I materially participate. I meant to say earlier is that I have been able to deduct losses in prior years using other tax software.

I believe the way I answered all of the questions the these software should have treated my loss as a non-passive loss! What else can I possibly do?

Can someone walk me through the answers I need to give in order to be able to take the losses as non-passive losses?