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Partnership tax laws

lomb · 2010-10-20 11:50:46

In Ireland can losses be retained within the partnership year to year, ie not distributed to the individual partners on their returns? Also if a partnership owns a commercial property/ and rents it as its main trade, can losses from interest be carried forward if there is no rental income in that tax year? Thanks for any…

20-10-2010 11:50am

#1

lomb

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In Ireland can losses be retained within the partnership year to year, ie not distributed to the individual partners on their returns?

Also if a partnership owns a commercial property/ and rents it as its main trade, can losses from interest be carried forward if there is no rental income in that tax year?
Thanks for any and all help:)

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Comments

#2 28-10-2010 8:58pm

Alan Shore

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There is a restriction on claiming losses from a partnership where the partner is deemed to be non active. There is no obligation to claim a trading loss it can be carried forward.

Rental Income is Case V its not a trade. Case V losses can't be offset against other income so have to be carried forward.

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