Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Prior year Final K-1 and taking pasive activity loss in the current year

Highlighted
Level 1

Last year I did not mark a Final K-1 to be 'Deleted next year' in screen 20.1 of Lacerte, and thus the passive activity loss was not taken on last year's return.  Is it reasonable to take the passive activity loss in the current year, or must I amend last year's return since it corresponds to the year the Final K-1 was taken.  Tax impact will be the same year over year.  Thoughts?

Labels (1)
0 Cheers
1 Solution

Accepted Solutions
Highlighted
Level 15
2 Replies 2
Highlighted
Level 15
Highlighted
Level 15

"...Tax impact will be the same year over year.  Thoughts?"

My thought is that is irrelevant.  You need to amend the prior year returns, at your cost.

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches