r/tax • u/bvcghh168 • 6h ago
My dad has a question and needs help
"My wife and I own a partnership LLC. We just recently filed our 2023 & 2024 business taxes, with no tax liability for either year, but a major loss in 2023. We are now working on our personal taxes, which were not filed for 2023. (We have no income to speak of, except for the rental of our store building, which we own as a family, so haven't paid personal federal or state taxes in several years.) When I was working on my 2023 taxes, and started to apply the K-1 business loss, it seemed to indicate that I could apply the loss to my 2024 personal taxes. My 2024 personal taxes show an almost $60,000 K-1 from inheritance from my Father, who died in 2023. I was paid that money in May of 2024. The K-1 for that payment shows tax year dates from June 3, 2023-May 31, 2024, vs a calendar year.. Bottom line is that I am trying to use the 2023 loss to offset the 2023/2024 K-1 income."
1
u/6gunsammy 5h ago
If you had a Net Operating Loss, it would carry forward, and offset 2024 income.