QBI suspended loss passive

mteverest · ‎March 17, 2025

Hi. Used to own a partnership and over the years TT has kept track of "QBI suspended loss -passive." The partnership was sold to another company in 2023 and now I own shares of the new company (which is not a partnership). 2023 was the last year I received a K-1. Now I am filing for 2024, and I still have this QBI suspected loss. Is there anything I need to do with it? Is it ever going to be used to offset a gain?

RobertB4444 · ‎March 18, 2025

You should have taken the suspended losses in 2023 when the partnership was sold. You are allowed to take all of the losses in the year of the dissolution of the activity that generated them. I would consider amending your 2023 return to take those losses and show the sale of the partnership.

@mteverest

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