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Ken85
Level 2
February 27, 2022
Question

Schedule K-1 (Form 1065) At-Risk Rules

  • February 27, 2022
  • 1 reply
  • 0 views

There is a section to Describe the Partnership with checkboxes.

I have passive activity losses carried over from last year.

All of my in this activity is at risk

I have at-risk losses carrying over from 2020

How do you know if you are at-risk or not?

 

Thanks

 

    1 reply

    PatriciaV
    PatriciaV
    Level 15
    February 27, 2022

    If you are personally responsible for the business and have no one who will give you your investment back if the business fails, you are considered to be "at risk". In other words, you have invested your own money in the business.

     

    For more information, see IRS Pub 925 At-Risk Rules.

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      K
      Ken85Author
      Level 2
      February 27, 2022

      Thanks!

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