Negative K-1 entered into 2023 tax return shows as 0. Why? Also K-1 gains are not offset by other K-1 losses. What's wrong

[cuttothechase]

I entered two K-1 for 2 rentals under LLC. One showed income, the other one showed loss. However loss was not offset. Why?

[JamesG1]

Is the investment a publicaly traded partnership?

The loss on a publicly traded partnership may only be offset against a gain in the same investment.

See This is a publicly traded partnership at the screen Describe the Partnership.

The loss will be recorded on the Publicly Traded Partnership Worksheet.

[cuttothechase]

These are independent LLCs that do rentals. Income should be offset by losses.

[DianeW777]

I agree as long as they are not publicly traded partnerships (PTPs) as indicated.  If this is indicated on either of the K1s, then they become isolated, meaning only income from the same PTP can offset any loss from that PCP.  

If neither is a PCP, then review your entries and try entering them again and be sure you have the loss and profit on the correct lines. Do not make any zero entries on any line of the K1s.

@cuttothechase