TaxGuyBill
Level 15
08-26-2022
10:28 PM
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ProSeries does not limit losses due to Basis.
- You need to manually do it by only entering the allowable loss (if any).
- Manually make a note for next year.
- If Basis is restored next year, you will need to manually enter the newly allowable loss next year as a separate K-1 (labeled as "PYA").
Don't forget Form 7203.