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Talked to Robin D. on Tuesday. Had to leave and was out

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until today. I have another...
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: 1 year ago.Category: Tax
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Answered in 6 minutes by:
7/14/2016
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,855
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi,

...

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.

...

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

...

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

...

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.

...

Let me know if you have questions

...

Lane

...

...

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.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

Did you have other questions on this?

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

Hi,

...

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

...

Did my answer help?

...

Let me know…

...

Thanks

Lane

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,855
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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