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fjkcpa
Level 3
October 10, 2020
Question

Final 1065 K-1 Basis Limitation Loss Carryover

  • October 10, 2020
  • 1 reply
  • 16 views

Got a FINAL 1065 K-1 with a loss in Box 1. Box L with ending capital account of zero.  Software has "Basis Losses" to carryover to 2020. Where can I tell the software to not do that? I can't find a place.

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1 reply

sjrcpa
sjrcpa
Level 15
October 11, 2020

You can't. If they truly do have losses in excess of basis from a final K-1 they are lost. If it does pro forma to 2020, delete it.

The more I know the more I don’t know.
    F
    fjkcpaAuthor
    Level 3
    October 11, 2020

    Ahhh... but they don't really have a loss in excess of basis. The loss and a cash distribution took the basis to zero, but not below. As to the carryover to 2020 and simply deleting it, that's pretty much what I figured.

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