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Re: Partnership Losses

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Initiate

Views 625

Replies 6

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

1 ACCEPTED SOLUTION

Accepted Solutions
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Best answer

Superuser Registered Tax Practitioner

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

 

6 REPLIES 6
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Devotee Registered Tax Practitioner

Replies 0

No  -  it must be distributed to the partners.

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Best answer

Superuser Registered Tax Practitioner

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

 

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Initiate

Replies 1

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

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Superuser Registered Tax Practitioner

Replies 0

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/

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Initiate

Replies 1

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

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Community Manager

Replies 0

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