I have two different PTP's. One is tiered the other is not. Within the tiered, the primary posted a loss that is a few times the size of the small profit of the two secondary (which is only a few hundred$ total). The other PTP posted a multiple thousand$$ loss and in the PTP tax instructions states that if the sum of the boxes is negative then don't include on your tax form. The sum is negative for the aggregate sum of the 3 tiered as well as the other single PTP. In Box L on the K-1, I see what appears to be that the basis has been reduced the amount of the loss. Therefore it appear as if that for last year at least there is nothing to report on personal income taxes and loses are tracked and rolled into the current account.
I can't make it make sense if basis is in fact being reduced therefore increasing "profit" when the increase is actually a loss. Since I can't make sense of it, it makes me feel that I'm probably out in left field and need help finding first base.
I can't make it make sense if basis is in fact being reduced therefore increasing "profit" when the increase is actually a loss. Since I can't make sense of it, it makes me feel that I'm probably out in left field and need help finding first base.