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K
karenrae
Level 2
September 20, 2021

Do Box 11A losses iffset Net Investment Income on Form 4952

  • September 20, 2021
  • 1 reply
  • 10 views

A K-1 from an investor partnership reports foregn exchange losses (sect. 988) in Box 11A. They are being reported as "other income (loss)" on the taxpayer's 1040. How should they be treated, if at all, on form 4952 for the net investment interest expense deduction?

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    1 reply

    sjrcpa
    sjrcpa
    Level 15
    September 20, 2021

    Maybe. Is the rest of the income/loss on the K-1 portfolio?

    Or is it trade or business?

    The more I know the more I don’t know.
    K
    karenraeAuthor
    Level 2
    September 21, 2021

    It's a investment fund LP. Yes, the rest of the income is interest and capital gains. The 11A amount is related to foreign currency exchange losses. 

    sjrcpa
    sjrcpa
    Level 15
    September 21, 2021

    But are the interest and capital gains investment income or trade or business income?

    If it's a hedge fund they are probably business income-disclosed in the fine print attachments. Could be subject to NIIT. 

    The more I know the more I don’t know.
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