Discussion:PAL's not detailed
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Discussion Forum Index --> Tax Questions --> PAL's not detailed
| 18 June 2007 | |
| New client was s/h in S-Corp that was sold in 2006. K-1 shows approx 500,000 in income. Many losses from previous years that were unallowed. However, records from previous preparer (not an EA or a CPA) are shoddy at best. Put unallowed passive losses on Form 8082, no page 2 or 3 of previous 8582's for allocation of unallowed losses, and carryovers from one year to the next are incorrect. Without being able to segregate the unallowed losses prior to 2003 is the client out of luck with regard to being able to claim them?
Thanks in advance. | |
| 18 June 2007 | |
| S-corp was sold, therefore suspended losses are deductible. Is there only one passive activity in your client's return? Are losses in question material enough to justify additional work? If so, consider requesting K-1s from prior years (hopefully S corp tax preparer's reporting is clearer) and reconstruct. | |
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