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April 13, 2024
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passive loss on K1 from publicly traded partnership

  • April 13, 2024
  • 1 reply
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The Schedule K-1 I received from a publicly traded partnership has a note that says "if you have a passive loss (i.e., the sum of Lines 1, 9a, 10), you should generally not report that loss on your federal or state tax returns unless you disposed of all your partnership interest). There is a passive loss and interest in the partnership is still owned. So how should the K-1 be entered in TurboTax? Is there a place to indicate that not all property has been disposed?

    Best answer by nexchap

    Just enter the K-1, following the prompts in the interview.  TT will track passive losses (and carry them over to future years) until you sell (there are prompts to record a sale) or have passive income.

    1 reply

    nexchapAnswer
    April 13, 2024

    Just enter the K-1, following the prompts in the interview.  TT will track passive losses (and carry them over to future years) until you sell (there are prompts to record a sale) or have passive income.

    **Say "Thanks" by clicking the thumb icon in a post**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user. Use any advice accordingly!
    April 8, 2025

    Which product/version do I use?

     

    April 8, 2025

    TurboTax Premier would be the best option for entering Schedule K-1.

     

    @MRBoisvert