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#2
03-25-2005, 06:23 AM
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 Re: K-1 Unallowed Losses ct kid wrote: - quote - > My wife has a LLC (with other family members) where we have
The loss will be allowed if she claims that she actively> an outside accountant prepare the K-1 form. I use Turbo Tax > (TT) to prepare our return and have encountered an issue I > do not understand. > The K-1 show a net rental loss of <2,700> which I entered > in TT. I noticed that form 8852 shows the same amount as a > disallowed loss. I assume that means are taxes are not > benefiting from that loss. > Can someone tell me what leads to that being a disallowed > loss. The TT help files provide no meaningful guidance. > Thanks for your consideration. participated in the rental real estate activity (line 2 of the K-1.) John B. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
03-25-2005, 03:50 AM
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| Re: K-1 Unallowed Losses "ct kid" <ct[at]hotmail.com> wrote: - quote - > My wife has a LLC (with other family members) where we have
Welcome to the world of passive activities. There are a> an outside accountant prepare the K-1 form. I use Turbo Tax > (TT) to prepare our return and have encountered an issue I > do not understand. > The K-1 show a net rental loss of <2,700> which I entered > in TT. I noticed that form 8852 shows the same amount as a > disallowed loss. I assume that means are taxes are not > benefiting from that loss. > Can someone tell me what leads to that being a disallowed > loss. The TT help files provide no meaningful guidance. couple of reasons the 8582 (not 8852) would disallow the losses: 1. Your income is over $150,000, not counting the loss. 2. Your wife's ownership of the LLC is under 10%, so she can't use the special $25,000 rental real estate exception. 3. Your wife's basis in the LLC is zero (oh, in that case you would need to fill out form 6198 before completing the 8582). If none of these applies, you haven't marked something correctly in the K-1 input, or it's time to get your own tax accountant. -- Tom Healy, CPA Boulder, CO Web: http://www.tomhealycpa.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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03-25-2005, 03:31 AM
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| Re: K-1 Unallowed Losses "ct kid" <ct[at]hotmail.com> wrote: - quote - > My wife has a LLC (with other family members) where we have
Without seeing the K-1, it is impossible to definitively> an outside accountant prepare the K-1 form. I use Turbo Tax > (TT) to prepare our return and have encountered an issue I > do not understand. > The K-1 show a net rental loss of <2,700> which I entered > in TT. I noticed that form 8852 shows the same amount as a > disallowed loss. I assume that means are taxes are not > benefiting from that loss. > Can someone tell me what leads to that being a disallowed > loss. The TT help files provide no meaningful guidance. answer. You should direct your questions to the accountant who prepared the K-1. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
03-24-2005, 01:54 AM
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| K-1 Unallowed Losses My wife has a LLC (with other family members) where we have an outside accountant prepare the K-1 form. I use Turbo Tax (TT) to prepare our return and have encountered an issue I do not understand. The K-1 show a net rental loss of <2,700> which I entered in TT. I noticed that form 8852 shows the same amount as a disallowed loss. I assume that means are taxes are not benefiting from that loss. Can someone tell me what leads to that being a disallowed loss. The TT help files provide no meaningful guidance. Thanks for your consideration. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| losses, unallowed |
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