04-23-2005, 12:30 AM
| |||
| |||
 Re: Movie Investment and Passive Losses "mel" <maris7[at]optonline.net> wrote: - quote - > Taxpayers invested in a movie. After the 2004 return was
Just like any other passive loss.> filed they received a K-1 indicating a $12,000 ordinary > business loss. I assume this is a passive loss since they > were not actively involved with the production of this > movie. Since they do not have any other passive losses, > will they have to just carry the loss forward until they get > passive income to offset this loss? - quote - > When they sell or
See above.> dispose of their interest, can they write off the loss up to > their capital account in the partnership at that time? - quote - > And
See above.> last, how does this affect AMT? -- 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 > << -------------------------------------------------> |
|
#-1
04-21-2005, 06:56 AM
| |||
| |||
| Movie Investment and Passive Losses Taxpayers invested in a movie. After the 2004 return was filed they received a K-1 indicating a $12,000 ordinary business loss. I assume this is a passive loss since they were not actively involved with the production of this movie. Since they do not have any other passive losses, will they have to just carry the loss forward until they get passive income to offset this loss? When they sell or dispose of their interest, can they write off the loss up to their capital account in the partnership at that time? And last, how does this affect AMT? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| investment, losses, movie, passive |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| rental property sale and passive losses Will Trice: I may owe an apology for asking this question because a search on Google indicates that some version of this question has been asked (and answered)... | Taxes | 3 | 04-01-2005 08:25 AM | |
| Passive Losses from 2 Rental Income Properties - Cross use? dhensley: I have two income properties each with passive (suspended) losses. If I sell one property and generate large taxable capital gains, may I use the... | Taxes | 1 | 12-29-2003 09:26 PM | |
| Passive losses; LLC-owned rental property David Haffey: Individual owns 50% of LLC (1065). LLC owns several rental properties. Individual has unused passive activity losses from prior years as a result... | Taxes | 2 | 09-14-2003 11:10 PM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
