Have an individual who has a K-1 with a loss but due to basis limitations cannot take the loss - where/how is that entered on the 1040?
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Nowhere on the current return.
You only enter the allowed amounts from the K-1, then manually carry over the unallowed amounts to future years when Basis is restored.
Nowhere on the current return.
You only enter the allowed amounts from the K-1, then manually carry over the unallowed amounts to future years when Basis is restored.
Thank you - was hoping the program tracked it. I appreciate the response
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