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Itemized Deductions Schedule-A


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Old 04-18-2016, 03:58 PM
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Smile Carryover depletion loss from prior year K-1 to 8582?

I used TaxAct for 2014 and 2015 taxes. In 2015, it automatically "carried over" a loss (depletion) from a 2014 K-1 form which appeared on my 2015 Form 8582, and subsequently my deductions. I'm not exactly sure why or specifically from which box in the 2014 K-1 the carryover loss came. Can someone explain? THANKS!



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Old 04-19-2016, 01:30 AM
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Quote:
Originally Posted by rynning View Post
I used TaxAct for 2014 and 2015 taxes. In 2015, it automatically "carried over" a loss (depletion) from a 2014 K-1 form which appeared on my 2015 Form 8582, and subsequently my deductions. I'm not exactly sure why or specifically from which box in the 2014 K-1 the carryover loss came. Can someone explain? THANKS!
perhaps SCh K1 of 1120S box 17 ; or SCh K1 of 1065 box 29.anything limited by basis in a given year is carried over, and subjected to basis limitations, in the subsequent year(s). Basis is increased by (a) all
income (including tax-exempt
income) reported on Sch K-1
and (b) the excess of the deduction
for depletion (other than oil and gas
depletion) over the basis of the
property subject to depletion.
Basis is decreased by (a)
nondeductible expenses and (b) the
depletion deduction for any oil and
gas property held by the corporation,
but only to the extent your share of
the property?s adjusted basis exceeds
that deduction.
tax year.



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