Suppose I have a carryover loss of 20K from my retail account. This year, I make 30K from a prop firm with a K-1, how do I take my carryover loss to reduce my K-1 gain?
K-1 has lines that breakdown the types of income such as Dividends, Capital Loss/Gain and will flow to the Schedule D and net accordingly with last years C.L. Carryover.
