How do I tell if I have at-risk losses carrying over from the previous yearin a MLP?

Forum|Forum|2 years ago
March 26, 2024
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@nexchapor whoever can answer the question, I own shares in a publicly traded oil and gas MLP. For 2022, when I was entering K-1 information, I selected "All of my investment in this activity is at risk." under "Describe the Partnership" section. How do I tell if I have at-risk losses carrying over from 2022? Also, how do I find the losses and enter them into TurboTax's at-risk loss carryovers form? Thanks.

Best answer by nexchap

@turtax_live TT will track this for you and carry-over anything suspended from prior years. But in general, at-risk losses don't become relevant until your basis has dropped to 0. At that point, MLP accounting gets far more complicated, you can no longer check the "All my investment is at-risk" box, and any further passive losses are suspended in this separate at-risk category (with its own handling and rules).

nexchapAnswer

**Say "Thanks" by clicking the thumb icon in a post**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user. Use any advice accordingly!