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Fully disposed Schedule K-1 behavior
If you fully dispose of a K-1 activity in the current year:
- All gain or loss on the disposition is fully recognized with no limitation.
- If the activity has an overall loss on disposition, the current year income/loss and suspended losses carry directly to Schedule E and will not carry to Form 8582.
- If the activity has an overall gain on disposition, the current year income/loss and suspended losses carry to Form 8582 to allow excess income to offset other passive activity losses. Overall gain or loss gets determined separately for Form 8582AMT purposes.
- The Schedule K-1 activity won't proforma for next year.
This article applies to:
- Product: GoSystem Tax RS
- Return type: 1041 Fiduciary