Joel Posted March 30, 2009 Report Share Posted March 30, 2009 Taxpayers have been owners in a S corp for several years. Losses have been that they reached their "At-Risk Limitation" a few years ago. The losses have been recorded each year on form 6198. The corp finally went out of business and they received their final k-1s. My question is how to handle all the losses which now total $39,000. If it was a passive loss the 8582 would allow the losses, but with at-risk I don't know. Any help or suggestions? Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted April 1, 2009 Report Share Posted April 1, 2009 Once the activity is disposed of, the suspended losses are freed up and can be taken when there is income to offset them. Quote Link to comment Share on other sites More sharing options...
Joel Posted April 1, 2009 Author Report Share Posted April 1, 2009 KC Do you mean non activity income or just income to the S Corp? Since the final K-1 was issued there will be no future S Corp income. Quote Link to comment Share on other sites More sharing options...
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