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Updated 8 months ago,

User Stats

22
Posts
19
Votes
Ryan Tyree
  • Morgantown, WV
19
Votes |
22
Posts

Help understanding a LP K-1 net loss

Ryan Tyree
  • Morgantown, WV
Posted

I invested in 7 syndication funds in 2023 as a limited partner with the expectation that I would generate first year losses from cost segregation that I could use to offset my gains on my personal real estate investments (self storage).  The K-1s I received all show a Net rental real estate income loss on Part III line 2 as expected.  The software my accountant is using is writing off these losses against my W-2 income which is telling me I am entitled to a refund.  We went on to talk about deferring some of these losses for a net impact of 0$ so I could apply these to gains in 2024.  From everything I've read something doesn't seem right here.  I underpaid on W-2 slightly, had long term capital gains on stock sales, and a small income gain on my personal K-1.  I was only expecting the limited partner K-1 losses to offset the personal K-1 gain.  Any experience others have had is welcomed.  I live in WV and own my self storage rentals in WV.

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