Can you carry forward a percentage of a Nonpassive loss from Schedule K-1

BrianALee — Sat, 01 Jun 2019 04:47:48 GMT

In year 2015 I claimed a nonpassive loss from form Schedule K-1. This amount is 35,547. Can I carry this forward to year 2016?

If you have a nonpassive loss in 2015, then this loss is...

Rick19744 — Sat, 01 Jun 2019 04:47:50 GMT

If you have a nonpassive loss in 2015, then this loss is being used in your 2015 tax return. One of two things happen:

This nonpassive loss was utilized and offset other nonpassive income and you then paid tax on the "net"
This nonpassive loss exceeded other nonpassive income and you probably generated a net operating loss.

The general rule on net operating losses is you carry these back 2 years and then forward 20. You can elect to waive the carryback period, however, this is done by attaching an election to your return.

See the attached IRS commentary on this topic:

https://www.irs.gov/publications/p536/ar02.html

topic Can you carry forward a percentage of a Nonpassive loss from Schedule K-1 in Business & farm

Can you carry forward a percentage of a Nonpassive loss from Schedule K-1

If you have a nonpassive loss in 2015, then this loss is...