How to calculate the the "Long-Term Capital Loss Carryover" from the schedule D?

Is the Tax Loss Carryover by 1045 Schedule A or Business P/L to Line 12 on 1040?

• I need to record carryover losses for a limited partnership (currently I am the only partner)-- online I see this might be done via a schedule A on the form 1045. However, my online return software (taxslayer) does not seem to support this form. They will however record it for future returns but only toward the $3000 annual deduction. This seems detrimental given the losses are large and it would take many years to work them off. Accordingly, could I just note the carryover loss on my business P/L statement which would then flow into line 12 on the 1040 for business income or loss? (ie, do I really need to file a separate form like the 1045 when doing this will suffice?) Thanks!

• Answer:

  I hope you see this, I just erased what I wrote because I slept and really thought about what you need. I finally figured out what you meant by 1045, you meant 1065. You need to file a 1065 for the LP. I am just not certain you can file as a partnership for a year you don't have 2 partners. That is the problem. Then from that 1065 a K-1 will be generated and that will be used to put in your 1040 for your share of the partnership oridnary income, interest etc. I am sorry I goofed last night, it just took me a bit to gather my thoughts. So that is your problem, you have to do your business return first, then go to your personal return. Hope that helps, that is why I recommend a CPA, they can keep up with the bookkeeping each month and pump out your return pretty easily compared to the hours you may spend and if you have a simple return you may pay as little as $500-$800 hopefully not much more. The partnership tax law is very confusing and one of the hardest tax subjects to understand. In regard to the loss, you get the percentage of loss that is equal to your partnership percentage, so as a sole prop you can write off the whole amount. That is what I am not certain on in regard to you being the only partner as of 12/31/11 I assume.