Solved

Can I reduce an operating profit in 2016 with an operating loss carryover from 2015 on an LLC partnership tax return and where do I claim it?

Filing the return for the partnership LLC for 2016.

Best answer by Rick19744

Partnership's are pass-through entities and the tax return is informational only; no tax is paid at the entity level.

Since all income / loss is passed through to the partner's, there is no carryover loss at the partnership level.

Any losses would be determined at the partner level in preparing their respective form 1040 and the applicable schedules and forms.

Employee

Partnership's are pass-through entities and the tax return is informational only; no tax is paid at the entity level.

Since all income / loss is passed through to the partner's, there is no carryover loss at the partnership level.

Any losses would be determined at the partner level in preparing their respective form 1040 and the applicable schedules and forms.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.

1 reply