@Anonymous. Thanks for your reply. Based on your reply, I updated the Partnership basis to 0 and Ordinary Gain to 0, but that did not change the Schedule E Part II entries. PYA is still there as mentioned earlier - in column (g) as $29k+ Loss in the Passive Income and Loss column and lines 31, 32 continue to show the -$29k totaled amount. Perhaps entries in the Describe the Partnership and Report Carryovers screens (in my original post for items 12. and 13. need adjusting?
As mentioned earlier,
Describe the Partnership:
- the "I have passive activity losses carried over from last year." is checked
- the "All of my investment in this activity is at risk" is checked
- the "I have at-risk losses carrying over from 2017." is not checked
Report carryovers:
- Box 1- Ordinary Income is -29k. This was pre-populated. All the other entries are blank.
Any Other Carryovers?
"Shown below are some additional passive loss carryovers for 'LLC' which transferred from your 2017 return. These are losses that were disallowed in 2017 under the passive activity loss limitation."
- all nine items are blank, but perhaps some of these need to be manually entered??? For example:
- Ordinary Gain/Loss - Sale of Assets
- Ordinary Gain/Loss - Sale of Partnership Interest
I look forward to further guidance.
Thanks!
