Question

Allowed losses on form 7203 (Column C)

Forum|Forum|3 years ago
April 14, 2023
1 reply
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Why are the allowed losses on form 7203 not automatically inputed to the relevant forms such as schedule E or form 4797?

M

Mike9241

because Turbotax has a form that is required by the IRS that you can enter the numbers but it does nothing to limit losses or report income when shareholder loans with a reduced basis are repaid or income should distributions exceed tax basis. the losses can only be handled through form 6198 at-risk. as for reporting the income from the types of events described you are on your own.