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Business & farm
Responses to some of your questions:
1) At the end of 2016 your tax basis is $2,315
2) Since this is a PTP your loss in 2015 would have carried over. No tax impact.
3) Same for 2016 - loss carried over. Just so you understand, with PTP's you can only offset losses with income from this specific PTP.
4) I assume the second 2016 figures represent 2017? If that is the case, trying to reconcile the $342 and the $365 you indicate that is in box 1. Must be something else to reduce that to the $342?
5) You actually received a distribution in 2015 even though there was a loss being passed out. So really, this distribution would cover any tax impact in 2017.
1) At the end of 2016 your tax basis is $2,315
2) Since this is a PTP your loss in 2015 would have carried over. No tax impact.
3) Same for 2016 - loss carried over. Just so you understand, with PTP's you can only offset losses with income from this specific PTP.
4) I assume the second 2016 figures represent 2017? If that is the case, trying to reconcile the $342 and the $365 you indicate that is in box 1. Must be something else to reduce that to the $342?
5) You actually received a distribution in 2015 even though there was a loss being passed out. So really, this distribution would cover any tax impact in 2017.
*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.
Also keep in mind the date of replies, as tax law changes.
‎June 5, 2019
2:26 PM