Limited Liability Partnership with a loss - is the amount of loss that can carry through to personal income limited?
I just got our initial tax return back from our accountant and the K1 forms are only showing a loss of about $2000 total (split between my wife & I).
We have over $100k in other income on my personal tax return so obviously I want the full amount of my business loss to flow through to the personal return to offset other income.
Is there some sort of limitation that prevents us from using the full loss? We are fully liable for the business and personally run it, we're not passive partners or anything.
I've emailed my accountant asking for an explanation but wondering if there's some rule that I'm missing?