Claiming Prior Year Unallowed Losses When Dissolving A Partnership
During the 2009 tax year, our partnership sold off the last property and dissolved the partnership. I am trying to figure out how/where to claim the $11k in prior year unallowed losses I have on the books now that the partnership is dissolved? I was under the impression that all unallowed losses on a property could be claimed in the year it is disposed of.
Thanks. That is what I am talking about. I know the total amount of suspended passive losses that have accumulated over the years. What I need to determine is where on the tax forms I input those losses? Is it added back into the property into the cost basis or does it go somewhere else? Thanks.