Note: I posted this in the community section, but just received information on how to contact Turbo Tax, not an answer to the question. Please help. 🙂
I invested $60K in a company. They have incurred losses: ($6505) in 2021 and ($2884) in 2022 (Schedule K-1, Part III, Box 1). Someone told me that I would not check the "I have passive activity losses carried over from last year" until my basis turns negative. My basis is currently $39,330 (line 16 of Partner's Basis Worksheet supplied with the K-1). Is this correct advice OR do I check the box and consider the ($6505) the passive activity loss to be carried over? Any help would be much appreciated.
