I have losses from partnership real estate company on my schedule k-1. i am not getting any deduction for it in my taxable income.total gross income is 262000.

yatishsharma — Thu, 06 Jun 2019 14:27:57 GMT

my gross income is 262000 for the family (wife and I).

i don't see any deduction from the rental on line 17 is coming as 0.

i have 40,000 loss reported on my schedule K-1 and i am 50% partner in the general partnership firm.

There are several reasons why you may not be allowed the...

DawnC0 — Thu, 06 Jun 2019 14:27:59 GMT

There are several reasons why you may not be allowed the entire loss shown. on your LLC Partnership K-1. You may have indicated:

that you are a Limited Partner, rather than a General Partner.

that you do not materially participate in the partnership

that all of your investment is not at risk.

that your loss is greater than your basis in the partnership.

If your LLC is reporting a loss from Rental Real Estate, and your Modified Adjusted Gross Income is between 100,000 and 150,000, your loss may be phased out.

"There are potential limitations on partnership losses that you can deduct on your return. These limitations and the order in which you must apply them are as follows: the basis rules, the at-risk limitations, and the passive activity limitations."

http://www.irs.gov/pub/irs-pdf/i1065sk1.pdf

(If your K-1 is from an 1120S, the rules are the same, but the discussion is found at the following site:)

http://www.irs.gov/instructions/i1120ssk/ch01.html#d0e112

topic I have losses from partnership real estate company on my schedule k-1. i am not getting any deduction for it in my taxable income.total gross income is 262000. in Business & farm

I have losses from partnership real estate company on my schedule k-1. i am not getting any deduction for it in my taxable income.total gross income is 262000.

There are several reasons why you may not be allowed the...