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S
SuePing
Level 2
April 1, 2021
Question

Final k-1 for partnership that discontinued operations. Why doesn't this free up suspended losses?

  • April 1, 2021
  • 2 replies
  • 24 views
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2 replies

J
jeffmcpa2010
Level 10
April 1, 2021

Why were they suspended? due to lack of Basis? or due to Passive Loss Rules.

If lack of Basis - unless additional Basis was created they would not be allowed.

If Passive - they should now flow through.

    S
    SuePingAuthor
    Level 2
    April 3, 2021

    Thanks for your response.  The losses were suspended due to the passive loss rules, so they should have been freed up upon liquidation of the partnership.  I found out I had to complete a separate part of the form and indicate if the partnership interest was sold, abandoned or liquidated in order to trigger the losses.  So, problem was solved.

    Appreciate your interest.

     

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