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Updated over 3 years ago,
Suspended Passive Losses
Hello all! I have a tax return related question for the community. I have invested in a few multifamily syndications since 2018 that provide yearly K1’s. I just now noticed that my suspended losses from prior years was not shown on the last 3 years of tax returns (Form 8582 Item 3c)… This hasn’t been an issue yet as none of the deals have sold, but they may sell soon and this will be a problem where I can’t use the losses to offset the gains. My question is, do I need to amend the last 3 years worth of tax returns to correct this small issue, or can I just input the correct amount on Form 8582 in my 2021 tax return going forward?
Thanks in advance!