SuePing
Level 1
04-01-2021
12:02 PM
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jeffmcpa2010
Level 11
04-01-2021
12:34 PM
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Why were they suspended? due to lack of Basis? or due to Passive Loss Rules.
If lack of Basis - unless additional Basis was created they would not be allowed.
If Passive - they should now flow through.
SuePing
Level 1
04-03-2021
04:46 PM
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Thanks for your response. The losses were suspended due to the passive loss rules, so they should have been freed up upon liquidation of the partnership. I found out I had to complete a separate part of the form and indicate if the partnership interest was sold, abandoned or liquidated in order to trigger the losses. So, problem was solved.
Appreciate your interest.