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M
mhkdgal
Level 4
July 30, 2021
Question

Schedule E for PTP basis calculation required checkbox

  • July 30, 2021
  • 1 reply
  • 5 views

Client has a K-1 from a PTP that shows a loss in box 1 and also shows he received a distribution from the partnership.  Lacerte is not putting a check in the basis calculation required box on page 2 of the Sch E.  Shouldn't it have the basis calculation required box checked?

 

 

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1 reply

George4Tacks
George4Tacks
Level 15
July 31, 2021

From Schedule E instructions:

"If you had a loss from a partnership that was not allowed last year because of the basis rules, but all or part is allowed this year, see Line 27, later, for how to report it."

Do you have a loss reported on line 28? 

Answers are easy. Questions are hard!
    M
    mhkdgalAuthor
    Level 4
    August 2, 2021

    There is no loss reported on line 28 of the Sch E.

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