topic 2018 Final K-1 Form 1065 still have a loss carryover to 2019, why? in Business & farm

2018 Final K-1 Form 1065 still have a loss carryover to 2019, why?

ktjanos — Wed, 05 Jun 2019 03:42:50 GMT

Disposed of all shares of PTP/MLP in 2018. Received both a final K-1 (Form 1065) and a 1099B. Manipulated the basis to properly reflect the capital gains and ordinary income related to the sale on Form 4797 and Schedule D. Had a loss carry forward from 2017. 2018 capital losses are less than $1,700 including the carry forward. Why does TT show a loss carry forward to 2019?

Is there a workaround?

When going through the interview, you have to select "Thi...

nexchap — Wed, 05 Jun 2019 03:42:51 GMT

When going through the interview, you have to select "This partnership ended..." and "Complete disposition". That will trigger TT to release all passive losses.

Re: When going through the interview, you have to select "Thi...

pgwilli — Fri, 15 Nov 2019 23:56:04 GMT

As a follow-on to the original questioner, does saying "the partnership ended" have the same meaning as "I disposed of my entire partnership interest"? I find the wording confusing, as the PTP has not ended, it's just that I no longer own any of it.

Re: When going through the interview, you have to select "Thi...

Critter — Sat, 16 Nov 2019 03:01:23 GMT

The PTP may not have closed buy YOU disposed of your entire interest ... if you indicate this the loss will be released.