How to carryover mark-to-market loss from schedule K to future years as an investor

Forum|Forum|11 months ago
April 10, 2025
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what forms should I do or double check to make sure I carryover the mark-to-market loss from schedule K to future years as an investor. They are supposed to write off investors' W2 and 1099 incomes. If I file Form 8582 (passive income/loss), I won't be able to offset those active incomes? Thank you!

TurboTax Home & Biz Windows

DavidD66

Do you have mark-to-market gains/losses reported to you on a Form K-1? If so, where exactly on the form are they reported, and with what code? Did you indicate that you materially participated?

If you have mark-to-market gains or losses due to a 475f election reported on Form K-1 they need to be reported on Form 4797 Part II. You will have to use TurboTax Desktop to accomplish this. Here's how:

Click on the Forms icon in the upper right of your screen.
This will you to the Forms mode
Click on "Open Form" if the upper left of your screen
Click on Form 4797 p1: Sales of Business Property
Scroll down a little to the entry table
Enter your gains from your K-1. You can use Various as Date acquired, 12/31/2024, as Date Sold, and a cost basis of $0.Your gain will be reported in Part II of Form 4797

If you are using TT Online and want to switch to Desktop, see the following for instructions: How do I switch from TurboTax Online to TurboTax Desktop?

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dc20222023Author

Thank you for the reply. I am not materially participated in. I also have personal trading account that is mark-to-market too. I also want to know how to carry over that loss. Code is zz. Which form can i find a box that says carryover amount so that I can make sure it is being carried over.