The K-1 for an investment I hold was just issued to me for the 2012 tax year. I'm now getting ready to file my 2013 tax return and I'm wondering if I can claim the loss on my 2013 tax return?

ANSWER

The BIDaWIZ Team's Answer:

Unfortunately, you cannot claim a prior year K-1 loss on your current year tax return as it relates to a different reporting period. The fact that the issuer was late with providing the K-1 doesn't matter either. They will be subject to late filing penalty, but that doesn't impact you. You will have to file an amended tax form 1040X to report the K-1 loss from the 2012 tax year.