Discussion:AGI Limits on PALs

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Discussion Forum Index --> Tax Questions --> AGI Limits on PALs


TimCPA (talk|edits) said:

11 April 2007
My client is a limited partner in three real estate partnerships. The K-1's show losses on all three. Are there agi limits on the PALS? Thanks!

Pegoo (talk|edits) said:

11 April 2007
PALs can only be taken from PAGs.

Pegoo (talk|edits) said:

11 April 2007
All losses carry forward to offset future PAGs :D

Riley2 (talk|edits) said:

11 April 2007
TimCPA, the $25,000 special allowance is not available to limited partners.

TimCPA (talk|edits) said:

11 April 2007
Thanks, Pegoo and Riley2!

Kevinh5 (talk|edits) said:

11 April 2007
PALs are not your friend.

Don't let your friends have PALs.

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