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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- PTP-1256 Loss Suspension & Carryforward
PTP-1256 Loss Suspension & Carryforward
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KevinK
Level 3
06-24-2022
12:08 PM
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Individual Taxpayer with PTP K-1 reporting 1256 loss, Code C, Box 11 of PTP Sch K-1. Lacerte input for this box flows the loss through return with no application of PTP loss suspension rules. Is there a special input workwaround for Lacerte to capture the PTP 1256 loss, apply to basis limitations, suspend and carryforward?
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PhoebeRoberts
Level 11
06-24-2022
12:30 PM
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Portfolio income generally isn't passive. Do the footnotes to your specific K-1 indicate that the 1256 loss is passive? (The PTP rules don't apply to suspension of losses generically; they're a special case of the passive activity rules.)
If the 1256 loss is passive per the K-1 footnotes, you can do the 40/60 split manually and enter it as passive short and long-term capital losses.
