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Registered
Join Date: Apr 2015
Posts: 1,397
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Passive loss final year
I have a small amount of passive loss carryovers from prior years (rental property, k1 line 2. I filed the 1065 as final. No gain or loss due capital transferred equals my basis. I rented my 2nd home and set up LLC for liability purposes. Anyhow, due to depreciation deduction, created unusable passive loss each year. Now doing my individual return, it’s adamant that I get a deduction for the current year loss even though passive and it gives me a deduction for prior year passive losses. Does it sound like I just entered something wrong or could it be related to 2017 jobs act? Started LLC in 2022z
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03-12-2025, 08:20 AM
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Registered
Join Date: Apr 2015
Posts: 1,397
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I think I found my answer. Not deductible since sold to related party. Thanks
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03-12-2025, 08:43 AM
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(the shotguns)
Join Date: Feb 2006
Location: Maryland
Posts: 21,514
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I’m not certain you have that right. Loss on sale is not the same thing as passive loss on operations. Generally when a rental property is sold any carry over losses are released. Not sure I’ve run into that on a 1065 but have on sch e.
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03-15-2025, 01:46 AM
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