Lois2020
Level 1
09-28-2023
04:52 PM
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The clients basis in a partnership in lower than the loss from net business activity. I have entered the K-1 information with the net business loss and have shown that the client materially participated in the business activities. Then went to the Form 6198 and put in the client's basis in the partnership. The program is showing the entire net business loss on Schedule E instead of the smaller basis amount and placing the rest of the loss as a carryforward. Not sure what I have missed. If more information is needed. please advise.
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