boyce
Level 1
‎12-07-2019 09:04 AM
CAN SUSPENDED LOSSES IN FROM A PARTNERSHIP BE FREED UP WHEN THE PARTNERSHIP SELLS ALL THE REAL ESTATE AND ONLY HAS CASH AND YOU ARE STILL A PARTNER GOING FORWARD?
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sjrcpa
Level 15
‎12-07-2019 09:04 AM

To the extent the partnership passes through a gain/income to you, passive losses can be used.


Ex-AllStar

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TaxMonkey
Level 8
‎12-07-2019 09:04 AM

No, a partnership selling a rental activity does not free up passive losses of the partners.

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sjrcpa
Level 15
‎12-07-2019 09:04 AM
I think you mean does not.

Ex-AllStar
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abctax55
Level 15
‎12-07-2019 09:04 AM
good catch...
"*******Tax software is no substitute for a professional tax preparer*******
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TaxMonkey
Level 8
‎12-07-2019 09:04 AM
Yes you are correct, edited to say NOT !
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Accountant-Man
Level 13
‎12-07-2019 09:04 AM

Was there "a complete disposition of the rental activity?" Does the partnership have other rental properties, and are they separate from the sold one?

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