I exited my holdings in a partnership in 2023 and have just received Final K1.
The partnership incurred losses in a majority of its fifteen years
My exit was at a loss (in relation to tax-basis partner's capital)
While finalizing my Return for 2023 (I have requested extension of time), I see that TurboTax shows an unusually high passive loss in 2017.
My tax liability is not affected.
Two doubts: 1. Do I have to file amended Returns for the previous six years even though there is no change in my tax liability even if a lower loss is allowed to be carried forward
2. Can I complete 2023 Return merely correcting (with a lower figure) of passive loss to be applied.
Advice would be appreciated. Thanks in advance.
