Discussion:1065 K1 AND INCOME LOSS
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Discussion Forum Index --> Basic Tax Questions --> 1065 K1 AND INCOME LOSS
Discussion Forum Index --> Tax Questions --> 1065 K1 AND INCOME LOSS
| 26 August 2009 | |
| Materially particpated rules aside.
My question involves a partner's adjusted basis and K1. Adjusted basis is used to determine the amount of loss deductible by a partner in so far as they cannot deduct a loss in excess of their adjusted basis. When an income loss is showing under ordinary income on a K1 - should this in fact already be reflective of the limit of their basis, or is further investigation required prior to entering on the 1040 | |
| August 26, 2009 | |
| No, generally what you'll see there is the allocation of profit or loss without regard to basis at all. | |
Death&Taxes (talk|edits) said: | 26 August 2009 |
| There is a simplified worksheet in the K-1 instructions. Warning: it requires a pencil and calculator. | |
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