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Laurie20
New Member

I disposed of all my units in a PTP and I don't think that Turbo tax has deducted the carry over passive losses. How can I check or how can I capture these losses?

 
1 Reply
nexchap
Level 7

I disposed of all my units in a PTP and I don't think that Turbo tax has deducted the carry over passive losses. How can I check or how can I capture these losses?

In the interview, be sure to check off "This partnership ended in 2020" and "Disposed of a portion of my interest..." on the "Describe the Partnership" screen.

 

On the next screen "Describe the Partnership Disposal", check off "Complete Disposition".  This will trigger TT to release all passive losses.  You can verify this in 'Forms' mode by looking at the K-1 worksheet, Section A, column c.  This shows the losses "Allowed" and transferred to Schedule E.

 

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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer. seasoned, TurboTax user. Use any advice accordingly!
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