K-1 from 1065

[sts]

I have a K-1 with loss in box 1 of -159. it does not show up on sch E or 1040. partners capital account ending balance is $429.  where should I key in $429 as basis for loss to be deductable

[Bart]

basis worksheet

[jklcpa]

52 minutes ago, sts said:

I have a K-1 with loss in box 1 of -159. it does not show up on sch E or 1040. partners capital account ending balance is $429.  where should I key in $429 as basis for loss to be deductable

Are you sure the partner's basis is the same as the capital account for this partner?  Many times it isn't.

[BulldogTom]

2 hours ago, sts said:

where should I key in $429 as basis for loss to be deductable

In ATX, very bottom of the K-1 entry form, way down below the §199 information entry.

Tom
Longview, TX