TaxGuyBill
Level 15
02-04-2021
02:15 PM
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I know a lot of ProSeries users may use 6198 to when there is a Basis limitation, but that is NOT how it is supposed to be done. Form 6198 is not meant for Basis limitations.
You are only supposed to enter the amount of the loss that is allowed on the K-1. Then you calculate the unused amount to MANUALLY enter in future returns when it can be used.