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Can a loss in a partnership be carried over to the next year?
Most helpful response
on 12 September 2019 01:53 PM - last edited on 13 September 2019 09:31 AM by JodieH
Replies 4
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
No - it must be distributed to the partners.
Most helpful response
on 12 September 2019 01:53 PM - last edited on 13 September 2019 09:31 AM by JodieH
Replies 4
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
Thank you One Stop Tax. How do you show the deferal in the partnership return?
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
Thnak you. How do you show that deferral in the personal return?
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
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