@RSUMan Thank you, that was very helpful.
- Yes, I always save a full copy with all worksheets and have all three years open.
- Line 11 in Part III of Form 8582 shows "Total losses allowed from all passive activities" is $0 for 2020, 2021, and 2022.
- The losses I do have ($6727), ($6506), and ($2884) are listed as Part VII Allocation of Unallowed Losses in each of the three years.
- No, there is no use of the losses when I go through line 1, 2, and 3 in Part I of Form 8582. I apologize as I believe I may have misunderstood your question - the income and dividends I earned were personal and not related to the business that issued the K-1 at all. The entity issuing the K-1 has no passive income and therefore none of the loss was offset.
- If these are all "unallowed losses", am I able to carry them over? OR, are only allowable losses (of which I have none) eligible for carry over? If unallowed losses can be carried over, perhaps my mistake was in Turbo Tax under the "Describe the Partnership" heading and in 2021 I should have checked the box affirming "I have passive activity losses carried over from last year" and then I would have been able to enter the ($6727) loss from 2020 where it all began and do the same thing for 2022 with the ($6506) loss from 2021. Am I understanding it correctly?
