Partnership Losses

[#1]

Can a loss in a partnership be carried over to the next year?

[#2]

No  -  it must be distributed to the partners.

[#3 · Accepted solution]

Hi Maxd

If you can't deduct your share of partnership loss in the current year (in your individual tax return), you can defer your loss for use in a later year.

One Stop Tax

Tax Return and Tax Back Specialist

[#4]

Thank you One Stop Tax.   How do you show the deferal in the partnership return?

[#5]

Hi Maxd

You deal with your share of partnership loss in your personal tax return not in partnership return.

One Stop Tax

Tax Return and Tax Back Specialist

https://onestoptax.com.au/

[#6]

Thnak you.  How do you show that deferral in the personal return?

[#7]

Hi @Maxd,

Check out our pages on Partnerships and How to defer your losses.

How to offset your losses might also be helpful.

Thanks

KylieS