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

Offsetting Passive Partnership Income with Passive Schedule E Losses

MikeB_CPA
Level 4

I posted this earlier but did not hear from anyone, so I am hoping someone has some experience they can share on this topic.

My client has several partnerships which have generated passive rental income.  He also has a rental property (Sch. E) which has generated accumulated passive rental losses.  I thought that the Sch. E passive loss were permitted as an offset up to the amount of passive income from the partnership, but I cannot figure out how to do it...or if I am even correct in my thinking.  Thoughts?

Thanks very much.

Mike

Labels (1)
0 Cheers
1 Solution

Accepted Solutions
sjrcpa
Level 15

Your theory is correct. The software should do it for you. Look at Form 8582.

It is best not to ask more than once. You can always type a reply such as "bump" or "anyone" to move your question up the list if it has been awhile.

I think your original question got lost among all the unemployment, PTC, and due date in the letter questions.


ex-AllStar

View solution in original post

5 Replies 5
sjrcpa
Level 15

Your theory is correct. The software should do it for you. Look at Form 8582.

It is best not to ask more than once. You can always type a reply such as "bump" or "anyone" to move your question up the list if it has been awhile.

I think your original question got lost among all the unemployment, PTC, and due date in the letter questions.


ex-AllStar

View solution in original post

MikeB_CPA
Level 4

Thanks very much.  The software is not doing it for me, so that is what prompted the question.  I will need to look deeper into this to figure out what is happening.

Thanks again.

0 Cheers
qbteachmt
Level 15

I flagged your other ask of the same thing as duplicate for deletion. This is not Customer Support, but peers that volunteer to help answer. It helps not to keep starting the same topic as new. Thanks.

*******************************
"Level Up" is a gaming function, not a real life function.
0 Cheers
MikeB_CPA
Level 4

The topic was repeated one time because no responses were received.  I am sorry if that has caused any problems for you or the other volunteers.

0 Cheers
qbteachmt
Level 15

You can always update the existing topic. Perhaps it needed a bit more info to make it more informational to those who read it and decided they couldn't answer as it stood, and everyone also is a bit busy right now. The easier it is to read and understand, the more likely someone will take the time.

*******************************
"Level Up" is a gaming function, not a real life function.