None of the Q&As provided help answer this question. On 1/1/2017,Husband and Wife transferred rental real estate with suspended losses (shown on Schedule E of Form 1040) to an LLC owned equally by the Husband and Wife. H&W live in a non-community property state. How do we manually enter the suspended losses on Form 1065?
Unfortunately, suspended losses do not transfer with the property to the partnership (LLC). These losses remain with the contributing
partner and are added to your basis in the partnership interest. You may use the suspended losses only if or when the partnership is dissolved or sold.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Still have questions?Make a post