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Level 2

Question

Limited partnership dissolution

Forum|Forum|1 year ago
February 18, 2025
1 reply
0 views

If a limited partnership dissolves entirely and my entire investment is lost and shown as a capital account loss on my K-1 is the only tax treatment a Passive Activity Loss that may offset other NIIT gains? So perhaps no real deduction?

Level 15

If you have a capital loss on the disposition of an interest in a passive activity, the capital loss deduction is limited to the amount of your capital gains plus the lower of $3,000 ($1,500 in the case of a married individual filing a separate return) or the excess of your capital losses over capital gains. You would be able to carryforward the capital losses. It is very limited.

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Level 2

Thank you MaryK. That is what i was afraid of.