I filed my 2024 income tax return with TurboTax on April 14th but realized a few days ago that I failed to report a small loss from a K-1 I had received. I am a partner in a small partnership (an LLC) with my 3 brothers that owns a small piece of property - undeveloped land. It generated no revenue but had a small amount of expenses. My share of these expenses per the K-1 was $605. So the only thing on my k-1 is a loss of $605. Candidly, I do not want to amend the return for this small loss (assuming I would even get it under the passive loss rules). But, I was uncertain whether the IRS would try to match reporting for the K-1 for the partnership return that was filed to my tax return which did not report the K-1 information at all. Thoughts?
You'll need to sign in or create an account to connect with an expert.
If the only thing that the K1 is reporting is that small loss then you do not need to amend your return. The IRS requires you to report all income that you receive. Deductions are (mostly) optional.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
greggrobbins4
New Member
bkasje
Level 1
ilovesantos
New Member
joel_black_sr1
New Member
jacksont0708
New Member