topic Is the K-1 passive loss from business income in year of sale allowed? in Business & farm

Is the K-1 passive loss from business income in year of sale allowed?

taxgurugal — Sat, 01 Jun 2019 18:20:33 GMT

Publicly traded partnership. Only held 4 months, 12/17 to 12/18. Partnership account is zero, but loss is suspended? How do I get the loss in 2018 return?

The passive loss is preventing the loss on my rental property which is an ongoing business.

It is still being suspended.

taxgurugal — Sat, 01 Jun 2019 18:20:34 GMT

It is still being suspended.

Yes as long as you have basis which I assume you have sin...

Rick19744 — Sat, 01 Jun 2019 18:20:35 GMT

Yes as long as you have basis which I assume you have since it has only been one year.

You need to follow the input questions and indicate that the partnership was disposed.

You will then be asked some follow-up questions; proceeds, cost basis, purchase date, sale date.

Once you respond accordingly, TT will handle the rest.

I answered all questions and is still being suspended.

taxgurugal — Sat, 01 Jun 2019 18:20:37 GMT

I answered all questions and is still being suspended.

Did you: 1) Indicate that you disposed of the partnership...

Rick19744 — Sat, 01 Jun 2019 18:20:38 GMT

Did you:
1) Indicate that you disposed of the partnership?
2) Did TT ask questions about the type of disposition?
3) Did TT ask questions about the sales proceeds, cost of investment?
Unless you can answer "yes" to all of the above, then all of the questions have not been addressed appropriately.

Problem resolved. I could not find a "final k-1" box to...

taxgurugal — Sat, 01 Jun 2019 18:20:41 GMT

Problem resolved. I could not find a "final k-1" box to check in the questions. Going down 3 or 4 schedules in the tax forms, I found it, checked it. and all of Sched E, including loss from rentals worked. I would not have known to continue looking had I not determined my "bottom line' independent of Turbotax.

Excellent. Glad this is resolved.

Rick19744 — Sat, 01 Jun 2019 18:20:43 GMT

Excellent. Glad this is resolved.