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Business & farm
I have the same question as the original poster. Where in the SOFTWARE do you tell TurboTax to take the suspended loss (to the extent that it exceeds step-up in basis)?
Your answer does not respond to the original poster's question, which was "How do I make this happen in Turbo Tax?"
Section A of Schedule K-1 shows the suspended loss carryover from prior years, but it does not permit an override of the loss allowed. All or part of the loss should be allowable to the extent not exceeded by any step-up in basis, but where in the software is that accomplished? It does not automatically appear, despite entering a date of death.
‎February 26, 2022
6:39 PM