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Anonymous
Not applicable

What happened to K1 from Sold partnerships (it has losses to carry over)

In past I owned and SOLD all shares of my MLP-K1s BUT they do have carry over losses. Not sure how to use them and what kind of income can be offset by those carry over losses.

 

Q. How long one can carry over those losses from K1?

Q. Do you have to report each with your tax return that you have carry over losses?

Q. How to use those Carry over losses. These are K1 losses not capital loss from SchD of 1099.

 

Anyway each year TurboTax asks me if I got K1 of all previous year K1 partnerships. I select No then I can't see them any more  in current year taxes any where not even forms mode. I do have record from previous years (until year they were sold) that they are accumulated losses.

 

How to overcome that? Can one import those work sheet from previous years or NO. I have to manually remember it.

5 Replies
martinmarks
Level 10

What happened to K1 from Sold partnerships (it has losses to carry over)

Read this thread.....https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-if-all-your-shares...

Worksheets can't be imported and you can carry over losses from a K-1 BUT you need to use an IRS worksheet to figure your basis.

Mike9241
Level 15

What happened to K1 from Sold partnerships (it has losses to carry over)

when you completely dispose of an MLP all its suspended losses are allowed - that year and no other. if you disposed of an MLP prior to 2020, you didn't enter the information necessary to release those suspended losses. there wouldn't be a loss carryover to use in future years. In this case, I strongly recommend you seek the help of a professional because correct reporting, including any ordinary income recapture, can be quite complicated. Prior open year returns would need to be amended. 

Anonymous
Not applicable

What happened to K1 from Sold partnerships (it has losses to carry over)

thanks

Anonymous
Not applicable

What happened to K1 from Sold partnerships (it has losses to carry over)

But K1 interview ask you a question if you disposed some or all your shares that year. I did click yes.

Should not it take care of it.

 

Most of MLP had only losses? How losses are released or adjusted? against which kind of income.

 

Any suggestion how to find CPA or accountant who is familiar with investment taxes such as traders or K1. Most CPA I talked to they project confidence as they are CPA so it will be piece of cake. But when I showed them k1 and they start asking very basic question as it was first time they have seen K1 from MLP.

 

K1 is from Partnerships and Partnership is very broad topic and each industry is different. Energy MLP are different.

 

At least most of people who answer questions here are very knowledge and they do understand what a person is asking. Most CPA I have talked to, just think it is all about entering number in proper box which I can do that.

martinmarks
Level 10

What happened to K1 from Sold partnerships (it has losses to carry over)

Most CPA I have talked to, just think it is all about entering number in proper box which I can do that.

Yeah and most CPAs can get that designation by taking one or two tax courses when they're getting their accounting degrees. Most CPAs do auditing not income tax.

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