MJG CPA Posted April 4, 2008 Report Share Posted April 4, 2008 Client has $2000 passive loss from partnership, with basis to take the loss. Also has $5000 interest and dividend income (considered passive by nature). ATX is disallowing the loss on Form 8582. None of the portfolio income shows up on the Form 8582. Should it? If so, how do you get it there? Anyone have thoughts on this? Addendum: After looking further, it appears that the portfolio income cannot offset passive losses - is that correct? Quote Link to comment Share on other sites More sharing options...
KEYWEST_RICKS Posted April 4, 2008 Report Share Posted April 4, 2008 that is correct.. interest cannot offset passive losses jeff Quote Link to comment Share on other sites More sharing options...
Joel Posted April 4, 2008 Report Share Posted April 4, 2008 Jeff is correct. The passive losses are carried forward until there is passive income to be offset by these losses or until a disposition of the partnership when all unallowed losses are allowed. Quote Link to comment Share on other sites More sharing options...
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