One of my clients received a K-1 form with a loss. His combined income totals $200k for the year. Can he still claim a loss on his 1040 tax return or should i just enter the K-1 for informational purposes and he wont be getting any deduction for this? thank you
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If the taxpayer as enough Basis, yes, it will be deductible. There isn't an income limitation to claim an ordinary loss.
If the taxpayer as enough Basis, yes, it will be deductible. There isn't an income limitation to claim an ordinary loss.
I have K-1 from a Partnership with a loss and he has basis to cover the loss. So, how do I make Proseries make the loss available right now the loss is disallowed.
Thank you
DeAnn
if it's a passive activity and he has no other passive income it won't be deductible this year. Look at Form 85882
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