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Old 12-13-2017, 10:07 PM
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LLC purchased in 2015 and final return 2015, can i carry a loss back to the company on my personal return for a asset

Okay I had a vehicle that I purchased for the company ...but the company was bought out. I had a truck that i purchased for the company but resulted in a 42k loss for the (manufacture recall) but GM wanted me to pay for the repairs..i just totaled it out.....since we sold the company and I became a employee of the new company...my tax guy put it as a loss on the return on my schedule e and generated a 2016 k-1 for me? so does the loss carryback to the company and I get a k-1 for my share or the full amount of the loss..or what? will is be a passive or non passive expense, a prior year unallowed loss from a passive activity (if that loss was not reported on Form 8582), unreimbursed partnership expense?

Last edited by llcquestion : 12-13-2017 at 10:12 PM. Reason: mispelled

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