Solved
S-Corp K-1 Loss Not Limited by Form 7203
Hi,
I am preparing an individual return who should have their loss from their S-Corp K-1 limited since the K-1 loss exceeds their stock and debt basis on Form 7203. The loss allowed should be $68,449 (the Form 7203 Part III col (c) and (d) amounts) but the Schedule E still shows a loss of $81,178. Is there a way for the loss on the return to shown the $68,449 limited loss instead of the full $81,178 loss?
