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Can I carryforward, and carry back, K1 losses? No, only NOL and passive activity losses can do that.
Can I offset the 2016 gains by the 2015 losses?
Not unless they were carried forward on a PAL form 8582.
I believe it CAN be carried forward.
"Any losses and deductions not allowed this year because of the basis limit can be carried forward indefinitely and deducted in a later year subject to the basis limit for that year."
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