Question
if a partner in a partnership has ordinary business losses on his K-1 , but his basis in the partnership is negative. When i enter his K-1 on his 1040, is Proseries software has a place to enter partner's basis and to automatically disallow the loss
If a partner in a partnership has a K-1 with ordinary business loss, but his basis in the partnership is negative. When i enter his K-1 to his 1040. Is pro series software has a place on the 1040 to enter the negative basis and automatically disallow the losses for the year? Or do i have to keep track of the basis
in the partnership and report the losses on his 1040 only to the extent the basis allow
