I have a K-1 (1065) showing an ordinary business loss. What income can I offset with this loss?

You can offset these K-1 losses against any or all of your Earned Income such as Wages, Schedule C Net income, or any Unearned income such as Dividend or Interest income and Capital Gains.

Remember that your losses from the K-1 are only deductible to the extent of your basis. Hence, you should have basis in order for these K-1 losses to be deductible against your taxable income.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.

However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents and other forms of earnings received... in a given period of time." For firms, income generally refers to net-profit: what remains of revenue after expenses have been subtracted. In the field of public economics, it may refer to the accumulation of both monetary and non-monetary consumption ability, the former being used as a proxy for total income.
==============================
Earl