Question

Where to find K-1 carryover losses from prior year?

Forum|Forum|2 years ago
March 29, 2024
1 reply
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I have unallowed losses in Part VII and VIII or Form 8582 (Passive Activity Loss Limitations) from prior year. Do I take amounts from this form to use for carryover losses?

Thanks.

PatriciaV

Employee

Yes, enter the amount on Form 8582 page 2 Part VII column (c) "Unallowed Loss" from your prior year tax return.

You can also find the specific carryover on the K-1 Partner worksheet, Section A, Line 9, column (d) "Loss Suspended for Current Year."

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T

taxfiler458Author

Thank you for your reply. I looked through my tax return from last year and don't see a Loss Suspended for Current Year anywhere. Perhaps, there wasn't a loss that is being carried forward.

Is there a specific form on my last year's tax return where I should be looking and if such a form doesn't exist, does that mean there is no carry forward loss?

Thanks.