I know suspended passive losses can only be used to offset current passive income or at disposition.
With multiple K-1 forms, does this mean in the aggregate or per K-1?
Assuming the customer has 3 K-1 forms from separate passive businesses.
One K-1 has $1,000 current ordinary income with no prior suspended losses.
Two 2 K1's each have $1,000 current ordinary losses and each have suspended losses from prior years.
Would the taxpayer have $1,000 taxable ordinary income to report on "E" (& his 1040) and have $2,000 more added to suspended losses
or can the current other losses offset the $1-K of current ordinary income so no taxable income is on the current return?
Thanks for comments.
With multiple K-1 forms, does this mean in the aggregate or per K-1?
Assuming the customer has 3 K-1 forms from separate passive businesses.
One K-1 has $1,000 current ordinary income with no prior suspended losses.
Two 2 K1's each have $1,000 current ordinary losses and each have suspended losses from prior years.
Would the taxpayer have $1,000 taxable ordinary income to report on "E" (& his 1040) and have $2,000 more added to suspended losses
or can the current other losses offset the $1-K of current ordinary income so no taxable income is on the current return?
Thanks for comments.
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