How does a k-1 capital account decrease in the current year affect current year taxes?
01731
1 Best answer
Ashby
New Member
Jun 5, 2019 11:57:57 PM
It really has no affect on taxes. You most likely had a loss on your K-1 which created a decrease in your capital account. However, all that gets reported on your personal return is the loss.
1 Replies
Ashby
New Member
Jun 5, 2019 11:57:57 PM
It really has no affect on taxes. You most likely had a loss on your K-1 which created a decrease in your capital account. However, all that gets reported on your personal return is the loss.