Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
IRS Tax Question: If I see only part of the PTP, but not all
IRS Tax Question: If I see only part of the PTP, but not all units, can I take any of the suspended losses from the prior year or do I have to dispose of the entire interest? Please provide IRS refere… read more
Dr. Fiona Chen
Dr. Fiona Chen
Certified Public Accountant (CPA)
Ph.D.
1,995 satisfied customers
Are you familiar with Master Limited Partnerships, a form of
Are you familiar with Master Limited Partnerships, a form of publically traded partnership (PTP), that issues a K-1? … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,104 satisfied customers
Tax Question PTP losses NEVER carried forward and now
Tax Question PTP losses NEVER carried forward and now there's a sale. Do all prior year returns from the purchase date need to be amended and form 8582?… read more
Carter McBride
Carter McBride
LLM
3,144 satisfied customers
PTP K-1 input - when inputting PTP K-1 that has Line 1
PTP K-1 input - when inputting PTP K-1 that has Line 1 Ordinary Loss and Line 2 Rental income - do you have to enter the rental income as if a separate activity so that they do not net. Do you also li… read more
taxmanrog
taxmanrog
Master's Degree
2,946 satisfied customers
Partial sale of PTP interest- say 50 out of 100 units sold,
Partial sale of PTP interest- say 50 out of 100 units sold, Suspended and CY Ordinary K-1 Line 1 Losses-Entire interest (1,000.00)K-1 Sales worksheet 50 of 100 units sold: 4797 ordinary gain from Wksh… read more
PDtax
PDtax
Owner
Master's Degree
9,538 satisfied customers
I have a 1120S k1 with 1231 gains. As a passive shareholder,
I have a 1120S k1 with 1231 gains. As a passive shareholder, the $3million flows to Form 8582 and with $2.5m passive losses, all the losses are allowed. The $2.5m passive losses flow to Sch E, Part II… read more
taxmanrog
taxmanrog
Master's Degree
2,946 satisfied customers
SUBJECT - Triggering suspended passive loss carry forwards
SUBJECT - Triggering suspended passive loss carry forwards on MLP sales when less than all of the shares of a position are sold: … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,104 satisfied customers
Does a passive activity K-1 show carry forward losses? Or
Does a passive activity K-1 show carry forward losses? Or can it be calculated from those numbers?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,472 satisfied customers
Is it true that in the year I sell a rental property I do
Is it true that in the year I sell a rental property I do not need to fil form 8582 because I can claim previous losses? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
4,994 satisfied customers
I have a loss on my K-1, box one (ordinary business income).
I have a loss on my K-1, box one (ordinary business income). On schedule E that loss is reduced by the amount of other passive income on the K-1. I don't think passive income for schedule E means divi… read more
PDtax
PDtax
Owner
Master's Degree
9,538 satisfied customers
I have just received a very incomplete answer to this
I have just received a very incomplete answer to this question from J Lane. I hope you can do better. I sold part of my holdings in a PTP (publicly traded partnership) I have large prior year suspende… read more
ShawnA
ShawnA
CEO
Bachelor's Degree
4,726 satisfied customers
I didn't expect anybody to be online . . . OK, I'm finishing my 2013 return. I h
I didn't expect anybody to be online . . . OK, I'm finishing my 2013 return. I have a loss from my only PTP, including a Section 1231 loss. I sold half of the PTP in 2013. Do I deduct half of the loss… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,104 satisfied customers
PTP limited partner. For 2 years I amortized IDC deduction
PTP limited partner. For 2 years I amortized IDC deduction (13J on K-1). In 3rd year (2013 I sold all my shares in the PTP. So I have 3 years of amortized IDC "left over". I should be able to deduct t… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Lev, This hal again. Can I take the Sch E passive operating
Lev, This hal again. Can I take the Sch E passive operating loss even if I buy the same ptp stock back in the same year?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,472 satisfied customers
THIS QUESTION IS REGARDING PARTNERSHIP. ON K-1 LINE 13 CODE
THIS QUESTION IS REGARDING PARTNERSHIP. ON K-1 LINE 13 CODE W ( INTEREST EXPENSE ALLOCATED TO DEBT-FINANCED DISTRIBUTIONS). HOW TO TAKE THIS DEDUCTION ON MY PERSONAL TAX… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,972 satisfied customers
Hi, My 2009 tax return is being audited; the key issue is
Hi, My 2009 tax return is being audited; the key issue is a NOL deduction carried over from 2006-2008 (all barred years). In those years, I owned an interest in an LLC. The K-1s all reported Line 1 lo… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
1,732 satisfied customers
I am a little old lady trying to do my own tax return this
I am a little old lady trying to do my own tax return this year and save the $1200 I usually pay for this. A well-known online tax program has made most of it easy, except for dealing with the K-1 inf… read more
L Dietz CPA
L Dietz CPA
Certified Public Accountant
Bachelor's Degree
24 satisfied customers
I have an interest in a limited partnership which ceased to
I have an interest in a limited partnership which ceased to operate after January 2008 due to the remaining properties being in default. I have unallowed prior year losses of $13,900. Do these now off… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x