@painthorsemom TT is created for the vast majority of taxpayers. There are some areas that need to be tweaked in order to get the software to arrive at the correct amount.
I'm not aware of TT being able to handle this without some preparer intervention:
- You will need to determine the allowable suspended losses on the final return
- Which as noted is the amount of suspended losses that exceeds the step-up
- You will then need to adjust the suspended losses in the form 8582 carryover worksheets in TT to reflect the allowable amount of suspended losses
- If for some reason this approach does not work, then I would recommend reflecting the allowable suspended losses on Schedule 1 line 24 code z.
I will ask @Anonymous_ if he has a better solution / option within TT.
*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.
