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Business & farm
I started reading this post today as I'm having similar issues double reporting. I want to thank you Mike9241 as what you posted was helpful. I do have a follow on question though. Turbo tax is taking past PTP losses (line 5 on Schedule 1) from previous year's K1s and and Other losses (Line 4 on Schedule 1 derived from Form 4797 Sales of Business Property) which is reducing income. Is that normal? I'm assuming Turbotax is getting these numbers from previous tax years when I entered the K1s.
‎April 11, 2024
7:01 PM