It's a passthrough entity (partnership) and the entity has sold the property. Are you saying the losses must be carried until the entity is dissolved or has a capital gain? Yes. that is the law. until your interest in that partnership is terminated (either by selling your interest or the partnership terminated) or there is a passive capital gain (1231 gain) or even ordinary passive income the 1231 loss remains suspended. if you actively participate, a lower standard than material participation, then up to $25,000 of losses would be allowed if your modified adjusted gross income is less than $150,000. see form 8582.
sure it's a passthrough entity. it's the one that sold the property and conducted other activity that it is passing through to you via the amounts on the k-1. you didn't sell the property the partnership did.
