TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

Question

1099-S and K1 rental income loss

Forum|Forum|2 years ago
April 15, 2024
1 reply
0 views

Hi, I sold an investment home with some gain 10K. I have some K1 (1065) investment in real estate with rental loss 10K. Can this be offset to net 0? or can't

Employee

The gain from the sale of an investment would be capital gain on Schedule D (Form 1040 Line 7). The loss from a partnership would be a passive loss on Schedule E (Form 1040 Line 8). While the two types of income would not directly offset each other, they may combine to lower your taxable income if you're able to claim the passive loss.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"