K1 form all blank fields

Forum|Forum|6 years ago
March 14, 2020
2 replies
31 views

I inherited a house and sold it last year. The sell price of the house 222k and the cost basis of the house shows a -37k loss. I run the reviews in both state and fed and get no errors. When I print the K1 form there are no numbers in any of the fields. Doesn't sound correct.

Help!

Bill

TurboTax Business Windows

Best answer by Anonymous_

@bhowe55

First, you need to ensure that you have indicated the return is a final return. If not, the loss will not be passed through on the K-1 (losses are not passed to the beneficiaries until the estate is terminated and the return is marked as final).

Further, you need to indicate that the house was not used for personal purposes (see screenshot). If it was used for personal purposes the loss is not deductible and will not appear on the K-1.

DianeC958

Level 12

A couple of things to check. Switch to the forms mode by clicking on forms in the upper right hand corner of TurboTax.

On the left hand side you will see a list of forms. Click on the Schedule K-1. Check to make sure that you have an entry in Line B of the Beneficiaries Allocation Worksheet. If this does not correct the issue or you have an entry in Line B then click on Dist Inc K-1. This worksheet should show the amount of the loss for the home on line 4. If there is not an amount there enter the amount of the loss.

If this is the is the final year of the estate the amount for the loss from the house should show on line 11 with a code C.

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Anonymous_Answer

Level 15

@bhowe55

Further, you need to indicate that the house was not used for personal purposes (see screenshot). If it was used for personal purposes the loss is not deductible and will not appear on the K-1.