Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
DH's family owned and ran a small motel as an LLC. It was sold in 2019. DH just received a Form 1065 K-1 which listed 3 items in Part III. I entered these into H & R Block software to amend our 2019 Form 1040 and generate a Form 1040X.

Box 1: an operating loss which was reported on Schedule E in the section for partnerships.
Box 10: a Net section 1231 gain which was reported on Schedule D as a long-term gain.
So far, so good.

Now to my question:

Box 13 (V): Other deductions, a large loss described in "IRC Sec. 163(J) adjusted taxable income calculation" as a "Pass-through loss and deduction item." Although I entered it into the software in the right box with the right letter it did not appear on Schedule E or anywhere else on the 1040X.

Should this pass-through loss be on the 1040X and if so, on which Schedule? It is larger than our income and would leave us with a negative income for 2019.

Wendy
Print the post  

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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.