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D
dzinser
April 15, 2023
Question

section 988 loss on K1

  • April 15, 2023
  • 1 reply
  • 0 views

how are section 988 losses on a k1 to be reported? must i report them on Schedule E or simply put the description in?

    1 reply

    DaveF1006
    DaveF1006
    April 18, 2023

    if you have already reported this on a K-1, check Schedule 1 Line 8Z to see if it is already reported.  if not, here is how to report. 

     

    • Federal
    • Income and Expenses
    • Scroll down to Less Common Income and click Show More
    • Start next to Miscellaneous Income
    • Start next to Other Reportable Income
    • For description Section 988 Loss and then place a minus sign in front of the amount.
    • This will now be reported in Schedule 1 line 8Z and will be labeled as 988 Loss with the negative amount recorded.

     

     

     

     

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