Prior years' unallowed losses, form 8582

Forum|Forum|5 years ago
October 15, 2020
4 replies
26 views

Hello, I have unallowed prior years' passive losses that I want to realize in 2019. They have been carried forward on Form 8582. How do I bring them in to my return now? I overrode the balance on Schedule E page 2 but there must be a more correct way to do it. I also need to remove them from the Form 8582.

Thanks,

ProSeries Professional

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

So you disposed of the rental or got a final K-1?

You need to mark Box H (complete disposal) on the Sch E worksheet for a rental or mark the Final box on the K-1 worksheet.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

D

DAZAuthor

Level 2

Hi - I have an investment in a partnership (hedge fund) and for the past few years they've reported an operating loss from one of their portfolio investments. I've carried that loss forward until 2019 when the fund sold that investment entirely.

I don't think I can check the Final Box because it's not a final K-1, we are just out of that investment so now I want to take the accumulated losses, because I was hit with the capital gain from the fund zeroing out it's basis in that company (it had a negative basis in the investment from the annual investment losses).

My investment in the fund is still a going concern.

Thanks again.

sjrcpa

Level 15

Hedge fund income/loss is generally not passive but portfolio or nonpassive trade or business..

The more I know the more I don’t know.

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