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Level 1
posted Mar 26, 2025 9:45:05 AM

Unallowed losses from my K-1 passive investment.

The K-1 has disposed of all assets this past year, 2024. I have about $16K in unallowed assessts which I would like to use as a loss to lower my taxable income.  Where to I enter this?  It shows on my carryover of unallowed losses.  I've been using Turbotax forever, so I hope to take this loss.  Thanks for your help

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1 Replies
Expert Alumni
Mar 26, 2025 9:59:49 AM

It depends. You will be asked if you disposed of your interest in this activity and it's important to answer this so TurboTax knows the passive investment has been disposed of or sold. The unallowed losses would be included in the K1 as part of the net income or loss for the year.

 

Also, look for a screen similar to the one below 'Describe the Partnership' to enter your carryover.

@clmiller52

[Edited: 03/26/2025 | 10:06 AM]