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Oil and gas LLC passive losses with no taxable income
I sold my interest in an oil and gas LLC and had passive losses that exceeded my passive gains, so I had unused passive losses (Sched E). Also because my itemized deductions were so large from medical expenses I had no taxable income. Since these passive losses are not needed to reduce my income (because of my very large itemized deduction) Can these passive losses be carried forward to a year where I don't have large itemized deductions or are these passive losses only able to be used in the year that I sold my interest in the LLC?
‎August 24, 2019
3:34 PM