Oil and gas LLC passive losses with no taxable income

[rtaxc]

I sold my interest in an oil and gas LLC and had passive losses that exceeded my passive gains, so I had unused passive losses (Sched E).   Also because my itemized deductions were so large from medical expenses I had no taxable income.  Since these passive losses are not needed to reduce my income (because of my very large itemized deduction) Can these passive losses be carried forward to a year where I don't have large itemized deductions or are these passive losses only able to be used in the year that I sold my interest in the LLC?

[soultax09]

no because the passive losses are active in the year of the disposition......use them or lose them.

[Anonymous]

maybe you have an Net Operating Loss.  passive losses are considered business losses.   but the only way to check is to complete form 1045 schedule A.  TT doe not do this.  

https://www.irs.gov/pub/irs-pdf/f1045.pdf

note assuming you have not already filed the 2018  return ,if you do have an NOL you can make an election to carryforward the NOL failure to make this election would require you carryback the NOL first  to 2016 then 2017. 

[soultax09]

true about the NOL but happening in 2018 means carryforward only.

[rtaxc]

If I've already filed is it too late to do the 1045?

[Anonymous_]

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@rtaxc wrote:

If I've already filed is it too late to do the 1045?

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See https://www.irs.gov/instructions/i1045#idm140680692021760