Business & farm

joeygamb · ‎April 30, 2021

@nexchap Thank you again very much for the follow up. I'm having a heck of a time with this.

I feel like I have everything ok until I get to the "All Investment at Risk" part. When I check the "Some Investment Is Not At Risk" box, I get some questions I have no idea how to answer. Is there any way you can help me through this? I'm beside myself. All for one lousy trade. First is this:

At-Risk Limitation - Ordinary Income (Loss)

Enter your ordinary income (loss) from the at-risk activity.

Ordinary income (loss) from the activity: ??

In my case, I don't know if this would be $5,383 or $4,220, or $0. (If you remember, it was a break even trade for me.)

Then it asks for:

At-Risk Limitation - Gain (Loss)

Enter the gain (loss) from the sale or other disposition of assets used in the activity (or of your interest in the activity) that you are reporting on the following forms and schedules.

Schedule D: ??

Form 4797: ??

Other form or schedule: ??

Again, no idea what to put up there in any of those boxes?

Then:

At-Risk Limitation - Other Income

Enter the other income and gains from the activity, from Schedule K-1 of Form 1065, Form 1065-B, or Form 1120-S, that were not included in the amounts entered on the previous screens.

Other income and gains: ??

Then:

At-Risk Limitation - Other Deductions

Enter the amount of other deductions and losses from the activity, including investment interest expense allowed from Form 4952, that were not included in the amounts entered on the previous screens.

Other deductions and losses: ??

And Finally

At-Risk Limitations - Simplified Computation of Amount At Risk

Enter the adjusted basis in the activity (or in your interest in the activity) on the first day of the tax year. Also enter any increases and/or decreases for the tax year.

Adjusted basis: ??

Increases for the tax year: ??

Decreases for the tax year: ??

Do not include as increases (decreases) any current year income (deductions) or gains (losses) entered on the previous screens.

Check here if you want to complete Part III, Detailed Computation of Amount at Risk to see if it gives you a larger amount at risk.

If you can help again in any way, I would appreciate it so much. Thank you