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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.
