I am continuously trying to import 1065 Partnership business where the losses of business are 365000, when I import the K-1 in the personal Return 1040 from 1065 the only losses allowed in the business is 682. Now, how can i claim full loss deduction. In the pro-series just help me
To claim the full loss deduction from a partnership on your personal return (Form 1040), you need to consider several factors that might limit the deductible loss: 1. **Basis Limitation**: Ensure you have enough basis in the partnership. Losses are limited to your adjusted basis in the partnership. You can increase your basis by additional contributions or by assuming partnership liabilities. 2. **At-Risk Limitation**: Losses are also limited to the amount you have at risk in the partnership. This generally includes your cash contributions, the adjusted basis of property contributed, and amounts borrowed for which you are personally liable. 3. **Passive Activity Loss Rules**: If the partnership is a passive activity for you, losses may be limited by the passive activity loss rules. Passive losses can only offset passive income, not active or portfolio income. 4. **Excess Business Loss Limitation**: Under the Tax Cuts and Jobs Act, non-corporate taxpayers are subject to an excess business loss limitation. For 2023, the limit is $540,000 for married filing jointly and $270,000 for other taxpayers. Excess losses are carried forward as a net operating loss. ### Steps in ProSeries: 1. **Check Basis and At-Risk Amounts**: - Go to the K-1 input screen. - Ensure the basis and at-risk amounts are correctly entered. 2. **Passive Activity Loss**: - Verify if the activity is passive. -
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