This is a duplicate of another question, that incorrectly stated it was for 2024 taxes. Should be 2023 taxes.
My K-1 shows that $500 was repaid on an open account debt. I completed form 7203 and line 34 shows a gain on loan repayment since I had used the entire debt as basis against a prior years loss carryover. IRS instructions say this should be reported on form 4797. But I can find no example of where and how to put the $500 on form 4797 and Turbo Tax is not doing this automatically for me. Any thoughts would be appreciated.
