Husband/wife LLC in MI, with a vacation rental condo. Filling out a 1065 through Turbotax Business (used 2019 version last year too), and loss from last year was not carried forward automatically, nor can I figure out where to input 2019 losses? Help?
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A partnership return is a PASS THRU entity and doesn't retain the losses on the form 1065 ... this is passed thru to the partners on the K-1 forms and reported on the personal return. So you have no 2019 losses to report anywhere on the form 1065.
Okay, so the losses show up on the K-1 forms, but since it is passive activity, will have no impact on personal return. Does that mean there is no way to carry forward rental losses with an LLC?
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