Tax loss carry Over

[sam992116]

Where do I see how much losses I am carrying over to next year with Turbo Tax CD version (form mode). Is there forms number.

At partnership level with K1 worksheet it has listed income, long capital and QBI losses. But it is by each K1.

Is there overall summary, like income or capital gain or section 179 related carry on?

[tagteam]

In Forms Mode, look for the Federal Carryover Worksheet.

[sam992116]

thanks

[sam992116]

For how long one can carry business income losses to forward years? Does it matter what kind of business losses?

There was quiz on NPR where they went over history of business loss carry over to forward years. Previously it was 20 years max but with (I think 2017 tax change law, Job Cut and Jobs Act) there was No max limits as one can carry over losses forever. Not sure if there is any change to that.

K1 losses:

What I want to know is what business losses which are coming form K1 Partnerships, for how long one can carry forward? Is there specific terms which items like Ordinary income, Long term Sch D losses, QBI income or section 179 related? Where should I look for them which Form or Line item?

What happen to those losses if I SELL my pubic traded K1 limited Partnership shares? Those losses end or one can still carry forward?

[sam992116]

Any one?

[tagteam]

You can essentially carry forward losses such as capital losses, passive losses, and the like indefinitely (at least until you pass away).

The suspended passive losses on your investment in the partnership will be released when you sell the interest in the partnership.

[sam992116]

Thanks,

What exactly do you mean suspended passive losses will be released once you sell partnership.

How do I know they have been released? Lets say I sold such partnership last year. Where do I see with Turbotax file of tax return, which from number or line?

[tagteam]

Suspended passive losses appear on Form 8582 and will be released when you sell the property (i.e., available to offset any gain).