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March 25, 2023
Question

Form 7203 input issue

  • March 25, 2023
  • 1 reply
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Trying to fill out form 7203 and it will not let me enter information into the cell for line 8a-non-deductible expenses.  This is the same info entered into the K-1 box 16 code C, but it apparently does not automatically copy from there.

I click on the cell like all the others, but it will not let me enter anything....

 

Suggestions?

    1 reply

    March 25, 2023

    for the 7203 the nondeductible expenses are entered as one of the first items on the 7203 (item B) in Turbotax then there's a question about reg 1.1367-19g). what this allows is for you to reduce your basis and take deductible losses before you reduce basis by nondeductible expenses.

     

    example without the election: tax basis/at-risk $50 loss $60 nondeductible expenses $10. basis/at-risk first reduced by nondeductible expenses so only $40 of losses are allowed. the other $20 become basis/at-risk carryover. with the election, $50K of losses are allowed and you have $10  of loss basis/at-risk carryover and $10 of nondeductible  expense basis/at-risk carryover

     

     

    benb2Author
    March 25, 2023

    Thanks for the help- that did it!