Partnership input screen shows there are Basis Carryover losses but tax return does not reflect these losses. Do these losses require manual input on Sch D?
Partnership input screen shows there are Basis Carryover losses but tax return does not reflect these losses. Do these losses require manual input on Sch D?
No. They are lost. No basis = no loss can be claimed.
One wonders why this didn't zero out on a final return. Chances are client was allocated too much loss in prior years.
The more I know, the more I don't know.
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