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Level 1
October 7, 2020
Solved

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?

  • October 7, 2020
  • 1 reply
  • 5 views
Final return=yes
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Best answer by sjrcpa

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.

1 reply

sjrcpa
sjrcpaAnswer
Level 15
October 7, 2020

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.