My question is in regards to Form 1040 K-1 and not Form 1065. The partner's share of the liability increases basis that enables the taxpayer to deduct loss from the partnership.

Thanks

dkhAnswer

Level 15

Enter only the allowable amount of loss on the 1040 K1, check the box in column e line 28 of Schedule Epg2 and attach Basis computation worksheet

Just-Lisa-Now-

Intuit Community Champion

Do you mean how to get it on the k-1?

or where/how to report on the 1040 when the client receives the K-1 showing this?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

M

mosesaladeAuthor

Level 2

Yes, please. I want to use the share of his liability to increase basis so that I can deduct the loss from the partnership.

Thanks

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