CAN YOU FREE UP SUSPENDED PASSIVE LOSSES IN A YEAR YOU DISPOSE OF THE RENTAL ACTIVITY IN A PARTNERSHIP BUT STILL OWN AN INTEREST IN THE PARTNERSHIP THAT ONLY HAS CASH IN

Forum|Forum|6 years ago
December 7, 2019
3 replies
20 views

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?

Lacerte Tax

This topic has been closed for replies.

Best answer by sjrcpa

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

sjrcpaAnswer

Level 15

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

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

T

TaxMonkey

Level 7

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

sjrcpa

Level 15

I think you mean does not.

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

Accountant-Man

Level 13

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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