Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: JWS1234 Old School Fool Global Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121100  
Subject: Reporting a line 1 Sched K-1 loss? Date: 3/31/2012 10:27 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
You have probably answered this a thousand times, so please point me to it if an old answer has not changed.

My K-1 indicates a loss on line 1. (I am still holding the stock, by the way; so this is not a final K-1.) How do I properly handle this on this year's tax forms? Partner's instructions say see your tax advisor. H&R Block software uses Schedule E (with zeros everywhere) and form 8582 to show a past-year loss. I'm inclined to go with this one; however, Form 8582 instructions say not to use that form for PTPs, which is what my K-1 is for - or, sometimes even worse in those instructions, to paraphrase Uncle Sam, "report it in the normal manner."

Thank you very much.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement