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D
Deb62
Level 2
March 29, 2025
Question

PAL for new 1065 return

  • March 29, 2025
  • 1 reply
  • 16 views

I have a new client partnership return. It has prior year loss carryover from the previous year for his rental property.  Where do I enter the carryover? 

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    1 reply

    sjrcpa
    sjrcpa
    Level 15
    March 29, 2025

    What kind of loss carryover?

     

    The more I know the more I don’t know.
      D
      Deb62Author
      Level 2
      March 29, 2025

      It is a PAL carryover from his prior year rental losses. 

      sjrcpa
      sjrcpa
      Level 15
      March 29, 2025

      There's no PAL carryover on a 1065. The losses pass through.

      Limitations and carryovers are computed on the partner's returns.

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