Passive Loss Carryforwards-two different opinions

[Cheryl Rein]

I'll summarize my original message: client with passive loss carryforwards - can they be written off in final year of ltd partnership?

County Boy says absolutely NOT. Unregistered says yes, they can be used in the final year of the partnership.

So who is right?

Thanks - maybe somebody knows a source for this. I don't want to make a mistake with this client.

Thanks so much.

Cheryl
cherylrein@aol.com

[rosieea]

See TTB, page 7-8: "Suspended losses are allowed as a deduction in the year the activity is fully disposed of in a taxable transaction."

[Brian EA]

I'll summarize my original message: client with passive loss carryforwards - can they be written off in final year of ltd partnership?

County Boy says absolutely NOT. Unregistered says yes, they can be used in the final year of the partnership.

So who is right?

Thanks - maybe somebody knows a source for this. I don't want to make a mistake with this client.

Thanks so much.

Cheryl
cherylrein@aol.com

Stand to correction. You can take the losses on final K-1. Did not read the final part correctly

My apologies

I was wondering how your software handles it.