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Taxpayer has no remaining basis in S Corp investment. Current year loss reported on K-1 carries to form 8582 and a portion gets allowed (other investments on form 8582 mix of loss and income). If I try a form 6198 (which is incorrect becase he is at risk) I can get the loss disallowed but still it gets carried to the form 8582 and because of other investments a portion gets allowed. Once a portion is allowed on form 8582 it gets carried to schedule E-2 and allowed as a deduction. If I eliminate the loss on K-1
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Since your software does not apply the basis limitation, you will need to do it manually.
Enter only the amount of loss, if any, allowed by the basis limit.
Track the loss in excess of basis outside of the software for future years.
The more I know the more I don’t know.
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@sjrcpa I think you know more about how ProSeries works than many people who actually use ProSeries. 😂
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Susan... many PS users would beg to differ with that 😉
