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Posted by Bill Lentz on March 26, 2008, 12:18 pm
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I do taxes gratis for a couple of friends, and I'm thinking about
turning this one over to a professional (return has been simple until
this year.) He has an interest in a Real Estate Limited partnership
that terminated and sent a final K-1 this year. Couple of questions:
1. He has not kept track of the K-1's. The capital account was
positive last year, and has shown small (<$5,000) amounts of income
the last few years. He did find a 1987 K-1 that showed a negative
capital account of about $90,000. Is there any way to determine
suspended passive losses from this info? If not, is there any way to
determine this amount?
2. The P'ship withheld $8,000 in taxes for New Jersey. Kentucky
won't allow this as an offset unless a New Jersey return is filed.
Can I file a Non resident New Jersey return in order to either claim a
refund or get credit in Ky?
Thanks
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