W2 and a General Partner in Syndication- Can I take my K1 loss to offset W2 Income?

[Rohan D.]

Hi Folks,

Need some clarification on this complex topic.

There is a lot of discussion on these tax nuances in BP forums, so I am happy to read any particular thread you can point me to.

Basically I have a W2 (above income limits) and I am a General Partner in a multifamily deal.

I have received 2 K1s from this deal (one as a GP) and another as an LP (since I put in some of my own money).

Am I allowed to take the K1 losses from this deal to offset my W2 income?

Additionally, I also have another K1 (LP only)- Since I am not a GP in this deal. Can K1 losses from this LP only deal be also taken to offset W2 income?

Appreciate your inputs on this and thank you in advance.

Rohan