Investors & landlords

@taxquestions44 I'll try to hit each of your questions:

  • Losses from prior years can be freed up either through a complete sale, or when the partnership earns income.  The "Ord Income" reported as part of your sale counts as income from the partnership, so its allowed to free up losses.  Those allowed losses will show up on Sched E
  • Splitting the Ord Income between USAC, SUN, and ET is correct.  You're not allowed to let losses/income from one PTP be combined with a different one, so each has to be handled separately. 
  • If you look at the K-1 worksheet for each partnership, "Section A" shows you current year income and losses, and makes it clear what's flowing where.
  • I'm not sure why those SSTB lines are showing up.  You'd have to check prior year returns to see if something was entered incorrectly, or if there's a bug with TT's carryover routine.
  • On Q4, that bold text is part of TT's bug:  its only right if you have no Ord Gain.  The way you entered it is correct.
**Say "Thanks" by clicking the thumb icon in a post
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!