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1065 and 199a loss

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    1065 and 199a loss

    Partners all get guaranteed payments, but partnership had a loss which was distributed to the partners. Is the loss a 199a loss carryforward ?

    #2
    Why did they take distributions out in the form of a guaranteed payment? It looks like they may have precluded themselves from getting a QBID by doing so.

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      #3
      Partnership is set up that way. Some get GP others take a draw. partner with GP and a ordinary gain, (Line 1) would the ordinary gain get the 199a deduction ? If so, is a loss a 199A carryover? Under threshold

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        #4
        Yes any loss on Line 1 on the K1 would be a QBID loss carry forward if the partner can't use it in the tax year. The partners may wish to revisit how they allocate the profits as the GPs are stiffing them for a QBID.

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