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secondgo2
New Member

filling out 8592 form correctly for carryover

When I look at my 8582 form from last years taxes. In the work sheet it shows prior years unallowed losses from K-1 1065 of $8,695 from over multiples years.  The next section shows prior years unallowed losses from 4797 Part I which I tracked back to 2015 return. This is a raw land deal we took all the building off of it in 2016 so it hasn't been returned since. We have these carryovers until we sell the property one day.  So how would I enter it correct so it reflects my 2020 return.

 

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1 Reply
RobertB4444
Employee Tax Expert

filling out 8592 form correctly for carryover

If you are rolling the information over from the prior year the unallowed losses should just continue to carry forward.  If you are entering the information new then you will need to maintain the records from the prior year in order to have them when you sell the property.  There is no place to enter unallowed losses to carry on the return.

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