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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10142
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Talked to Robin D. on Tuesday. Had to leave and was out

Customer Question

Talked to Robin D. on Tuesday. Had to leave and was out until today. I have another question. I have almost $14,000.00 in UBTI from 3 investments in an IRA. It is my understanding that I can use carryover losses to offset this income. If so, how do I find out the carryover amount. This is the first time I had over $1,000.00 in UBTI and required to file a 990T. Thank you
Submitted: 4 months ago.
Category: Tax
Expert:  Lane replied 4 months ago.

Hi,

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You can only get this from the manager of the investment... and, probably sating the obvious, the losses must have been losses OF the IRA.

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AND as with any NOL (Net Operatin Loss carryover, you must have filed a return (990-T here) in the year of the loss.

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See this from IRS about the requirement to file: (I'll underline the pertinent part)

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Q. Who is required to file for UBIT?
A. Anyone who has investments that are considered an unrelated business activity (like a LP or LLC) and/or contains debt financing within the tax-advantaged account and has net income over $1,000 or wishes to file for a NOL.

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Let me know if you have questions

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Lane

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I have a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

Expert:  Lane replied 4 months ago.

Did you have other questions on this?

Expert:  Lane replied 4 months ago.

Hi,

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I’m just checking back in to see how things are going.

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Did my answer help?

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Let me know…

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Thanks

Lane