Once again, thank you for the information. I think you have it narrowed down for my situation. I am not a material participant. The LLP I am a partner of owns farmland and rents it out to a separate business that I am not involved in. So the income comes from rent. This past year the loss came from depreciation of improvements in the land (drainage tile).
I'm assuming for my case that I can't use the losses this years return, but will be able to use them to offset any income in future years. Are my assumptions correct?
