Taxation on Passive Income and Losses

Suwanee, GA · Member since 2015 · 4 posts · 0 votes

I am a limited partner in a non real estate business. Can I offset my Limited partnership income or a K-1 distribution income with my suspended rental property losses.

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Ashish AcharyaBusiness Member
CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
7y
Originally posted by @Arun V.:

I am a limited partner in a non real estate business. Can I offset my Limited partnership income or a K-1 distribution income with my suspended rental property losses.
You can.
Distribution is not equal to income by the way.
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Lance LvovskyPro Member
Accountant · Fort Lauderdale, FL · Member since 2013 · 1k+ posts · 753 votes
7y
@Arun V.
Generally yes you can. Assuming no grouping elections made.
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