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janeh546
Level 2
March 9, 2020
Solved

FORM 1041 - K-1 SALE OF HOME WITH BIG LOSS

  • March 9, 2020
  • 3 replies
  • 13 views

THE 1041 IS SHOWING A $3000 LOSS.  THE TOTAL LOSS ON THE HOME IS ABOUT $100,000.  BUT DOESN'T FLOW THROUGH TO THE K-1.  SO DOES THIS MEAN THE TOTAL LOSS WILL BE ON THE K-1 WHEN I FILE THE FINAL FORM 1041?

 

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Best answer by sjrcpa

Correct.

3 replies

dd4vols
dd4volsIntuit Community Champion
Intuit Community Champion
March 9, 2020

Yes.. well the total loss, less what your have already reported in prior years, if any.... 

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    J
    janeh546Author
    Level 2
    March 9, 2020

    So the $3,000 loss for this tax year that is showing up on the 1041 will not flow to the K-1's and the full amount of the loss will flow through on the final 1041 next year?

    sjrcpa
    sjrcpaAnswer
    Level 15
    March 9, 2020

    Correct.

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