Continuouslearn er
Level 3
07-22-2021
01:19 PM
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I have a partnership K-1 that has a passive loss carryover that is an entirely passive activity that generated cancellation of debt income that is deemed to be from a passive activity. How do you code this in Lacerte so that it offsets the passive loss carryover? The input for cancellation of debt for the K-1 is on screen 20.1 line 11E which correctly carries to Other Income Line on Schedule 1, but doesn't impact the 8582 nor generate a release of the passive losses carried over on Sch. E.
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