TaxGuyBill
Level 15
08-18-2023
12:09 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
@Avs19 wrote:
I guess that's where I'm confused. Which form would I manually enter that? Do I have to override a line?
When entering the K-1, only enter the allowable amount. So if Box 1 shows $120,000 loss, but only $45,000 is allowed due to Basis limitations, just enter $45,000.
You will need to manually keep track of the unallowed loss, and manually enter it when it becomes allowable.
You should not fill out Form 6198 for At-Risk limits.