fjkcpa
Level 2
10-10-2020
06:04 PM
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Got a FINAL 1065 K-1 with a loss in Box 1. Box L with ending capital account of zero. Software has "Basis Losses" to carryover to 2020. Where can I tell the software to not do that? I can't find a place.
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sjrcpa
Level 15
10-10-2020
07:26 PM
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You can't. If they truly do have losses in excess of basis from a final K-1 they are lost. If it does pro forma to 2020, delete it.
The more I know the more I don’t know.
fjkcpa
Level 2
10-11-2020
06:57 AM
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Ahhh... but they don't really have a loss in excess of basis. The loss and a cash distribution took the basis to zero, but not below. As to the carryover to 2020 and simply deleting it, that's pretty much what I figured.
