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CGCPA
CGCPA, CPA
Category: Tax
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Experience:  over 40 years experience in tax matters
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MY WIFE AND I ARE MANAGER IN A LLC. OUR K-1 THIS YEAR ON LINE

Resolved Question:

MY WIFE AND I ARE MANAGER IN A LLC. OUR K-1 THIS YEAR ON LINE 1 WAS -$78,177 FOR EACH OF US AND ON LINE 11 F* THE AMOUNT IS 44,945. HOW MUCH CAN WE WRITE OFF IN A JOINT FILING.
Submitted: 5 years ago.
Category: Tax
Expert:  CGCPA replied 5 years ago.

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You will be able to deduct the $78,177 for each of you against other forms of income but will be required to reflect as income on line 21 of your 1040 the other income shown on line 11f for each of you. This is a total loss of $176,354 and an income of $89,890 for a net loss of $86,464. The amounts shown line 1 of the K-1 get reported on Schedule E page 2 and from there transfer to the page 1 of the 1040.

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