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Is the K-1 passive loss from business income in year of sale allowed?

Publicly traded partnership.  Only held 4 months, 12/17 to 12/18.  Partnership account is zero, but loss is suspended?  How do I get the loss in 2018 return?

The passive loss is preventing the loss on my rental property which is an ongoing business.

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6 Replies

Is the K-1 passive loss from business income in year of sale allowed?

It is still being suspended.

Is the K-1 passive loss from business income in year of sale allowed?

Yes as long as you have basis which I assume you have since it has only been one year.

You need to follow the input questions and indicate that the partnership was disposed.  

You will then be asked some follow-up questions; proceeds, cost basis, purchase date, sale date.

Once you respond accordingly, TT will handle the rest.

*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.

Is the K-1 passive loss from business income in year of sale allowed?

I answered all questions and is still being suspended.

Is the K-1 passive loss from business income in year of sale allowed?

Did you:
1) Indicate that you disposed of the partnership?
2) Did TT ask questions about the type of disposition?
3) Did TT ask questions about the sales proceeds, cost of investment?
Unless you can answer "yes" to all of the above, then all of the questions have not been addressed appropriately.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.

Is the K-1 passive loss from business income in year of sale allowed?

Problem resolved.  I could not find a "final k-1" box to check in the questions.  Going down 3 or 4 schedules in the tax forms, I found it, checked it. and all of Sched E, including loss from rentals worked.  I would not have known to continue looking had I not determined my "bottom line' independent of Turbotax.

Is the K-1 passive loss from business income in year of sale allowed?

Excellent.  Glad this is resolved.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.

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