I hate these PTP K-1s lol. I have an ordinary loss on K1 1065 for PTP Private traded partnership. I am using ATX software. This is considered passived income per K-1 instructions but having trouble with software. Doesnt the passive loss go on back of Sch E and if no other passive loss get carryover to 2012. Other income is interest and some dividends but per my reading this isnt considered passive income. Okay help. What do you think? My software just suspened the loss on PTP worksheet and doesnt show it anywhere on the tax return.
-
-
PTP = PUBLICLY traded partnershipUncle Sam, CPA, EA. ARA, NTPI Fellow -
Basis
you need to look at the partner basis information at the bottom of the left column. There will be a place to input that information in the software. hopefully they supplied. The simple answer is, no basis left, no allowed loss. The long answer with all the possible angles would take an entire book.AJ, EAComment
-
Does it show on a "carryover to 2012" type of statement? Don't think a passive loss of an activity of a PTP can be netted against any other type of income, so just carried forward until that activity has a gain or client disposes of it. I think.Comment
-
Does the name appear on E2? Did you check the box for PTP? It doesn't go on 8582 but has its own worksheet.JGComment
-
You are correct. If you check PTP and Passive Loss Activity on the input sheet, an error warning comes up something to the effect that "you cannot check both boxes or it won't calculate correctly." I have been wrasslin' with this for a month. It will not go to 8582. So I uncheck the box for passive activity. But it seems it does calculate it correctly -- just doesn't show up on 8582. As you say, suspends on PTP worksheet and it will carryover to the next year. And that prevents it from netting to any other passive activity in the return, so it is probably correct.Comment
Comment