Hello. I am in a similar situation. Not certain as to where the deductions are to be taken. I think (but want to confirm) that the scehdule E (form 1040) Part II is for Income/Loss from S Corps (from Schedule K-1) which is then reported on the 1040 Form line 17. Does this sound right, can someone confirm this?
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The S corp reports its income to the shareholder(s) on form k1 as do partnerships. The various items reported on form k1 can go to about 20 or so different places on form 1040. ___________________________________
-----> real address on hobokeni or hobokenx
Okay, so far, so good! Now, what you have to make sure of, is that the K1 itself is correct. This is not a job for most people. I would recommend using the services of a professional, either a Certified Public Accountant (CPA) or Enrolled Agent (EA). (next time I'll mention EA first, in the interest of fair play! (grin)) ChEAr$, Harlan Lunsford, EA n LA
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