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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29573
Experience:  Taxes, Immigration, Labor Relations
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I received a great deal of capital gains on a K-1. Is there

Resolved Question:

I received a great deal of capital gains on a K-1. Is there any way I can off-set these gains from prior years dissallowed losses? If so, where would these losses be listed, on which form and which line from my records of prior tax returns?
Submitted: 7 years ago.
Category: Tax
Expert:  Lev replied 7 years ago.

You will report capital gains and capital losses on the schedule D - http://www.irs.gov/pub/irs-pdf/f1040sd.pdf

You will report capital losses carried over from a previous year:

Short-term capital loss carryover - line 6

Long-term capital loss carryover - line 14

 

Let me know if you need any help.

 

Customer: replied 7 years ago.

Yes, Thank you...

If I don't have any figures in line 6 or 14 and no other records, is there any other way to obtain that information, if it does exist?

Expert:  Lev replied 7 years ago.
It seems as long and short term capital gains are already determined and net amount is reported on the schedule K-1.
Depending on who provided your the schedule K-1 - for instance - http://www.irs.gov/pub/irs-pdf/f1041sk1.pdf - long and short term capital gains from the schedule K-1 are reported directly on lines 5 and 12. - http://www.irs.gov/pub/irs-pdf/f1040sd.pdf
You will have capital losses carried from the previous year on lines 6 and 14.

Let me know if you need any help.
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