shareholder has a k-1 loss with no basis. How do I report this on his 1040?
I don't use ProSeries, but way back when I had to do this in Lacerte,
I would enter it as a separate K-1 line item called prior year loss allowed or something like that.
Lacerte does these calculations for us now.
In ProSeries on the K1 line showing the loss, I use the supporting statement for that line showing basis, and loss. That way I don't have to override. I then keep the clients basis in his/her file
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