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

janeh546 · ‎03-08-2020

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?

sjrcpa · ‎03-09-2020

Correct.

The more I know the more I don’t know.

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dd4vols · ‎03-08-2020

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

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janeh546 · ‎03-09-2020

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 · ‎03-09-2020

Correct.

The more I know the more I don’t know.

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

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