Level 11
10-06-2021
10:37 AM
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You might have a reportable loss. Is the 13W amount a deductible expense, or is it a misc 2% expense no longer deductible by individuals? Is Schedule E page 2 where you expect the 13W amount to show up, and have you entered it in a field that normally flows to SchEp2? Does the partner have sufficient basis? Sufficient at-risk? Are they active or passive? If passive, what does the 8582 say? Is the partnership a PTP / MLP?
Partnership taxation is not one of those things where you can plunk a number into a box that matches the K-1 and blindly trust that the output is correct.