Hi, everyone,
My client has a large suspended passive loss from a partnership that leased an airplane. He did not participate in the leasing activity personally but hired a manager/pilot to do that. Lacerte has included the loss on form 461 and limited it to 524,000. I did not think the activity was a trade or business and would not be limited to 524,000. I understand the determination of whether an activity is a trade or business is made at the partnership level.
Did Lacerte correctly apply the limitations? If not, is there a way to override the inclusion of form 461 in the return?
Thanks, Michael
Best Answer Click here
Hi, all,
I just found the override in the Interactive data entry for the partnership.
Part II - Information about the partner...
about midway down
Subject to Section 461 limitation of business losses 1=yes, 2=no [O]
Thanks, Michael
Hi, all,
I just found the override in the Interactive data entry for the partnership.
Part II - Information about the partner...
about midway down
Subject to Section 461 limitation of business losses 1=yes, 2=no [O]
Thanks, Michael
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.