Hi,
I have a K-1 for an LLC, which is a non-passive activity, where the investment is at-risk, but loses are expected to be limited by the basis.
I am attempting to get the correct values on Schedule E. The situation is that I have non-passive carry overs for ordinary loss, section 179 expenses, unreimbursed expenses, and nondeductible expenses. The allowed mounts for these in columns I and J of Part II of Schedule E, should be limited by the basis and I should have some carry over amounts to next year. Instead Turbo Tax is not limiting these values at all. How do I get Turbo Tax to limit the allowed loses.
In the past I have used a business tax professional (and had them complete this years as well so I know what the end result should be), but I would like to get the same from Turbo Tax so I know I can use it next year.
Instead Turbo Tax does not appear to be limiting the losses based on the basis.
