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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3771
Experience:  20+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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I am filing my 2015 personal tax return and i have a K 1

Customer Question

I am filing my 2015 personal tax return and i have a K 1 which I have a large loss on and I also had a loss carryforward from 2014 K 1 how do i take part of the loss and not all in this current year
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: no
Submitted: 1 year ago.
Category: Tax
Expert:  socrateaser replied 1 year ago.

Hello,

You can't avoid using NOL against present income. However, if you have any capital or other losses, you can use them before the NOLs, and potentially maintain some carry forward of NOL to a subsequent year.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer (click 3, 4 or 5 stars) -- otherwise, I receive nothing for my efforts in your behalf.

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Customer: replied 1 year ago.
Ok yes I'm going to use my loss but I do not want to use all of it so how do I adjust it on my 8582
Expert:  socrateaser replied 1 year ago.

The lines that describe "prior years unallowed losses" are those which reflect your NOLs from previous years. You simply transfer the NOL from the appropriate passive or active activities to the Form 8582.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer (click 3, 4 or 5 stars) -- otherwise, I receive nothing for my efforts in your behalf.

Thanks again for using Justanswer!

Customer: replied 1 year ago.
This is income from a K1 1120s
Expert:  socrateaser replied 1 year ago.

A K-1 is a K-1. If you are asking whether or not the income is passive or active, I have no idea. I'd have to review your entire 1120-S and the transactions that you claim are passive and/or active, before I could tell you where to report the income.

If you're asking something else, feel free to clarify your question, and I'll try to provide further assistance.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer (click 3, 4 or 5 stars) -- otherwise, I receive nothing for my efforts in your behalf.

Thanks again for using Justanswer!

Customer: replied 1 year ago.
your saying on the 8582 form I can adjust the amount of loss I take this year and what I carryfirward
Expert:  socrateaser replied 1 year ago.

No, in my original answer, I said that you can't avoid using the NOL from previous years. You must use all NOL available, and if there is any left over, you carry that forward to the next year.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer (click 3, 4 or 5 stars) -- otherwise, I receive nothing for my efforts in your behalf.

Customer: replied 1 year ago.
Wells it's taking all the current and not the past
Expert:  socrateaser replied 1 year ago.

I'm sorry, I don't understand. Are you talking about a particular software application?

Customer: replied 1 year ago.
how do I get it to take the past loss and not current leaving the past
Expert:  socrateaser replied 1 year ago.

How do you get "what" to take the past loss?

Customer: replied 1 year ago.
The tax program is taking the current year loss and not the prior year
Expert:  socrateaser replied 1 year ago.

This is a tax law Q&A website. I'm a tax lawyer, not a software engineer. You'll have to contact your software manufacturer's customer support department. There's no way for me to assist you with the software application.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer (click 3, 4 or 5 stars) -- otherwise, I receive nothing for my efforts in your behalf.

Customer: replied 1 year ago.
I'm asking how to do it and your not giving me any answers
Expert:  socrateaser replied 1 year ago.

I will reopen this Q&A session for others to assist. Best wishes and thanks for using Justanswer!

Customer: replied 1 year ago.
Ok
Expert:  Barbara replied 1 year ago.

Different expert here - my name is ***** ***** I will be happy to assist you.

What software program are you using?