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Level 2
posted Feb 19, 2025 9:38:06 AM

K1 form

For 2023 tax year I got a K1 form with a rental real estate income loss but was not able to use it due to no passive income. For 2024 tax year they gave a positive distribution. Can I deduct the 2023 loss in 2024 while reporting distribution or should I wait?  The 2023 loss was much higher than the 2024 distribution.

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1 Replies
Expert Alumni
Feb 19, 2025 11:04:35 AM

Your passive loss carryover can be used to offset passive gains.  Make certain that your passive loss has been entered into the system properly.  If you did your taxes with TurboTax last year then the losses should have been carried forward automatically.

 

Here's a good discussion on the topic.

 

@NN15