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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
Thanks.
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