Get turbo tax or hire a pro. Trying to do a passive investment K-1 by hand is insanity. I could do it - and I suppose most professionals could as well. But it's kind of like asking a doctor to perform surgery in your back yard with a table knife and a spoon.But if you're bound and determined to do this, you'll at least need to start in the right place. Start by getting the "code book" for a partnership K-1. The partnership should have given you one, but if not, here you go. It's page two of this PDF: http://www.irs.gov/pub/irs-pdf/f1065sk1.pdf . For the most part, it tells you what each code means and where to report it on your tax return.From your description, I think you're starting in the wrong place. The first entry from a K-1 goes on Form 8582 - for both gains and losses. Start with the worksheets on pages 2 and 3 of the 8582, and use those to complete page 1 of the 8582.If you have some allowable passive losses or any passive gains, those amount will then make their way to Schedule E, page 2, and then on to your 1040.--Peter
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