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05/24/2012 at 04:51PM PDT

Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.

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bubbie

New Member

10/28/08 10:21am PDT
Viewed by asker 11/04/08 7:02am PST

CORP & LLC

The sole owners o the corporation consists of huband and wife.
They decided to form and LLC of which they purchased Real Property
and the loans were paid through the LLC. For year 2007 the loss was entered on schedule E of their form 1040 OF which they could
not deduct as there income exceeded the mofified $150,000.. A California form 568 was filed. In July 2008 the LLC was dissolved. My question
since the LLC was dissolved in 08 can the losses be taken even tho their modified income exceeds $150,000..

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Accountant Man

Accountant Community AllStar

11/29/08 10:19am PST

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Was the LLC owned by the people or the corp? Was the LLC dissolved and the property turned over to the people or was the property sold?

When the entire interest in the real estate is disposed of*, all suspended losses can be utilized regardless of the income level.

*Either sold or foreclosed upon, and no longer owned by the people or the LLC.

If you use Pro Series Basic I might not be able to help you. If you use Turbo Tax I might refuse to help you. All others, watch out! ;-)

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