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wtome001
Returning Member

Have passive loss carry forward from rentals as limited partner. Informed that the partnership was dissolved years before. Want to use the passive loss in 2017?

 
1 Best answer

Accepted Solutions
Phillip1
New Member

Have passive loss carry forward from rentals as limited partner. Informed that the partnership was dissolved years before. Want to use the passive loss in 2017?

You will need to show that the partnership was fully disposed in TurboTax, and that will release your passive losses to be deducted on the current year tax return.

To dispose of the partnership in TurboTax, follow these steps (you will need to upgrade from Free to Premier):

  1. Go to the Federal category on the left hand navigation bar.
  2. Click on the Wages and Income tab at the top of the screen.
  3. Scroll to the section for K-1s. If you don't upgrade before this point, the program will require it here.
  4. Go through the K-1 screens related to this partnership until you reach the screen labeled Describe the Partnership.
  5. On this screen, you will need to select the option for "The partnership ended in 2017" (or another year if you are amended to claim the loss in a prior year).
  6. On the following screen, choose the appropriate options (since the partnership dissolved, you would choose Disposition was not via a sale.)
  7. Continue through the remainder of the remaining screens and this should release your passive loss in TurboTax.

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2 Replies
Phillip1
New Member

Have passive loss carry forward from rentals as limited partner. Informed that the partnership was dissolved years before. Want to use the passive loss in 2017?

You will need to show that the partnership was fully disposed in TurboTax, and that will release your passive losses to be deducted on the current year tax return.

To dispose of the partnership in TurboTax, follow these steps (you will need to upgrade from Free to Premier):

  1. Go to the Federal category on the left hand navigation bar.
  2. Click on the Wages and Income tab at the top of the screen.
  3. Scroll to the section for K-1s. If you don't upgrade before this point, the program will require it here.
  4. Go through the K-1 screens related to this partnership until you reach the screen labeled Describe the Partnership.
  5. On this screen, you will need to select the option for "The partnership ended in 2017" (or another year if you are amended to claim the loss in a prior year).
  6. On the following screen, choose the appropriate options (since the partnership dissolved, you would choose Disposition was not via a sale.)
  7. Continue through the remainder of the remaining screens and this should release your passive loss in TurboTax.

wtome001
Returning Member

Have passive loss carry forward from rentals as limited partner. Informed that the partnership was dissolved years before. Want to use the passive loss in 2017?

Followed steps in ANSWER, but Turbo Tax does not release passive loss carryover?
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