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?
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"...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.
"the game of life is hard to play"
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