The partnership had a significant loss when it sold a property that was originally purchased for much more. The partnership ended in 2017 and the capital account (section L) noted the current year decrease of -$120,767. Part III row 10 had a 1231 loss of $129,247, and this went on my form 1040 row 14. Because of this and other deductions and exceptions, my taxable income is very low and i owe no federal taxes in 2017. It is possible to adjust this row 14 amount (from form 4797) for 2017 and carry over a portion of this loss to 2018. Doing this would permit me to adjust the loss to a level to maintain my $0 taxes owed in 2017, while using the balance of that loss to carry over to 2018 to minimize my taxes in 2018. Is this permitted and can this be done in TT?
