Marie Posted March 26, 2015 Report Share Posted March 26, 2015 TP sold interest in LP. K-1 has no figures except box marked final K-1. There are no figures anywhere. I do have unallowed losses from previous years. How and where do these losses go? I think losses are allowed when interest is sold out? These losses are in my software, I just can't figure out how to get them to flow. Since this was sold, should there be a 1099B for this? I hate these things! Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted March 26, 2015 Report Share Posted March 26, 2015 Check boxes for final disposition of PTP and final K1. Also, the gain/loss should be on a 1099-B from their broker. AND the K1 should have a statement showing you how much of the gain is ordinary and needs to go on 4797 part II. If AMT is an issue, there is a number on the K1 attachments for that as well. 2 Quote Link to comment Share on other sites More sharing options...
Marie Posted March 26, 2015 Author Report Share Posted March 26, 2015 I did check the box as final k-1 and nothing has flowed, I've looked everywhere, searched bunny hopped with no luck. Also no 1099B was given to me, I guess i'll have to call and have her check with her broker. Quote Link to comment Share on other sites More sharing options...
Marie Posted March 26, 2015 Author Report Share Posted March 26, 2015 Sorry, I marked final K-1, where is the final disposition box I should mark? Quote Link to comment Share on other sites More sharing options...
Catherine Posted March 26, 2015 Report Share Posted March 26, 2015 Watch for corrections to basis, too. Many times one of the addendum pages on the K-1 has corrections to basis that need to be incorporated. Quote Link to comment Share on other sites More sharing options...
Marie Posted March 26, 2015 Author Report Share Posted March 26, 2015 hardly any extra pages, and none of them have any numbers. this was inherited from her mother, so she knows nothing either. Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted March 26, 2015 Report Share Posted March 26, 2015 In ATX, complete disposition of passive activity or ptp is just above the final K-1 box on the K-1 (1065) input sheet. 1 Quote Link to comment Share on other sites More sharing options...
Randall Posted March 26, 2015 Report Share Posted March 26, 2015 I was just going to post a question on this, a little different. Mine is not a final disposition. I marked PTP. Loss in K1 box 1 is suspended. Not showing up on a form, just in the PTP summary schedule. Is this correct? If passive activity marked, it shows up on 8582. But can't mark both PTP and Passive Activity (one or the other). K1 shows plenty of capital (tax basis). Does being PTP preclude it from being a passive activity. Yet the loss is still suspended so I assume it is in real terms, a passive activity. Quote Link to comment Share on other sites More sharing options...
joanmcq Posted March 26, 2015 Report Share Posted March 26, 2015 Don't check the passive box if they sold the activity. And don't use the broker basis for one that is sold. Every one I've seen only uses what they paid for the PTP, and doesn't take Into account the income and distributions that have occurred. Quote Link to comment Share on other sites More sharing options...
Randall Posted March 26, 2015 Report Share Posted March 26, 2015 Joan, activity not sold. I was wanting to confirm that PTP box is checked and not the passive box. With passive checked, loss goes to 8582. With PTP checked, loss doesn't go to a form, just a worksheet. Quote Link to comment Share on other sites More sharing options...
joanmcq Posted March 26, 2015 Report Share Posted March 26, 2015 PTP. The losses can only net against that particular PTP, not other passive losses. Quote Link to comment Share on other sites More sharing options...
DougO Posted March 26, 2015 Report Share Posted March 26, 2015 You have suspended losses from a PTP and it just carries over on the worksheet till next year or when you have profits or sell the activity. Nothing should go from this to 8582. When you sell it the suspended losses (if the proper boxes are checked at the top of the input screen) will flow to page 2 Sch E. 1 Quote Link to comment Share on other sites More sharing options...
Randall Posted March 27, 2015 Report Share Posted March 27, 2015 Thanks everyone. Quote Link to comment Share on other sites More sharing options...
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