New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

How does the Partner's Basis Worksheet calculate the basis limitation on the deductibility of a partner's share of partnership losses?

Answer

A partner's distributive share of partnership loss is allowed to the extent of the partner’s basis in the partnership interest. Losses and deductions not allowed this year because of the basis limit are carried forward indefinitely and deducted in a later year subject to that year's basis limit.

Was this article helpful?

Yes No

Submit