Responses:
1) I wouldn't amend a return that has no tax impact due to PTP losses. Some may, not me. I just think it leads to confusion on the part of the IRS.
2) In 2017 I would include the carryover losses in TT $1,656. This way the losses are in the system and the 2017 income amount will be offset by the losses.
3) In 2018 your K-1 needs to be reviewed carefully. The preparer will most likely zero out your Section L.
4) So for 2018 you need to determine your basis before any distribution impact. In TT you will mark that the K-1 is final. For the sales price you will show what any actual distributions are; if any.
5) Finally for 2018 TT will take any allowable losses since this is the final year.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
