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Get your taxes done using TurboTax
as i see it, the passive losses are at the individual level and shown as carryovers on the Turbotax S-corp k-1 form. Until you terminate that S-corp/LLC those passive losses will remain suspended. you would probably need to file papers dissolving the LLC - check with your state and file that final S-Corp return.
another potential issue is reporting losses year after year. that could raise your audit prospects.
‎October 29, 2024
9:26 AM