ILLMAS Posted April 26, 2012 Report Share Posted April 26, 2012 This is the first I have ever seen a 1041 K1 for one of my clients, TP aunt trust finally sold a building at a loss, TP K-1 reflects his loss, I am selecting this as passive activity and therefore the loss is appear on line 21 as NOL carry forward, does this sound correct? TP still recieved part of the proceeds but the building was sold under the FMV. Thanks MAS Quote Link to comment Share on other sites More sharing options...
OldJack Posted April 27, 2012 Report Share Posted April 27, 2012 Why would you conclude it is a passive activity? Follow the 1041 instructions on the line number as reported on the 1041-k1. Quote Link to comment Share on other sites More sharing options...
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