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cheric
Returning Member

LLC completing 1065, where is rental loss carryover accounted for?

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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2 Replies

LLC completing 1065, where is rental loss carryover accounted for?

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. 

cheric
Returning Member

LLC completing 1065, where is rental loss carryover accounted for?

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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