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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- K-1 unallowed losses
K-1 unallowed losses
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andreactamayo
Level 1
07-07-2020
03:16 PM
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If a partner has losses limited because of his basis. Where should I enter the unallowed nonpassive losses in form 1040? I entered in form K-1 income the losses allowed (partner's basis), but I do not find where to put the rest.
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TaxGuyBill
Level 15
07-07-2020
03:54 PM
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There MIGHT be a spot somewhere on one of the worksheets, but one option is to enter another K-1 and call it "PYA" (as directed in the Schedule E instructions) and enter the carryover loss that is now allowed due to restored Basis.
