sts Posted April 3, 2022 Report Share Posted April 3, 2022 I have a K-1 with loss in box 1 of -159. it does not show up on sch E or 1040. partners capital account ending balance is $429. where should I key in $429 as basis for loss to be deductable Quote Link to comment Share on other sites More sharing options...
Bart Posted April 3, 2022 Report Share Posted April 3, 2022 basis worksheet Quote Link to comment Share on other sites More sharing options...
jklcpa Posted April 3, 2022 Report Share Posted April 3, 2022 52 minutes ago, sts said: I have a K-1 with loss in box 1 of -159. it does not show up on sch E or 1040. partners capital account ending balance is $429. where should I key in $429 as basis for loss to be deductable Are you sure the partner's basis is the same as the capital account for this partner? Many times it isn't. 2 Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted April 3, 2022 Report Share Posted April 3, 2022 2 hours ago, sts said: where should I key in $429 as basis for loss to be deductable In ATX, very bottom of the K-1 entry form, way down below the §199 information entry. Tom Longview, TX Quote Link to comment Share on other sites More sharing options...
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