I have entered a K-1 with a loss on my personal return. Turbotax is not recognizing the loss against my taxes?
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if this is a passive loss, the loss will flow to form 8582 where any allowable loss is calculated.
If its a passive loss, it won't be used on your taxes until you have passive income from the same K-1, or you sell your stake in the partnership.
This exact same thing happened to me. I entered a fairly large negative number in Box 1 of the K-1, but my amount owed didn't budge. Also I notice it still shows $0 in the list under Business Items, K-1. Could there be a bug?
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