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Get your taxes done using TurboTax
Turbotax does not use distributions for anything. so if you don't enter them there is no effect. It does not track tax basis. That's your responsibility unless the partnership does it for you. so the issues you have that aren't handled automatically include:
1) at risk. ignoring PAL loss limitations do you have enough basis to take the losses.
2) do the distributions reduce your tax basis in the partnership below $0 - then you have capital gain for the excess.
March 22, 2022
10:17 PM
1,503 Views