@DaveF1006
Thank you
I ran into another problem in regards to questions about Risk,
I called TT and at this screen I was told to not choose any of the options
Describe the Partnership:
I have passive activity losses carried over from last year. Learn More
All of my investment in this activity is at risk. Learn More
I have at-risk losses carrying over from 2020.
I personally paid health insurance and/or long-term care insurance premiums for myself and my family.
I have passive activity credits to claim from this publicly traded partnership. (This is not common)
This brought me to this screen:
"Working with At-Risk Limitations
You've told us that some of your investment in this partnership is not at risk. Your at-risk amount is generally the money you'd lose (or the debt
you'd be liable for) if this partnership stopped operations tomorrow.
If the partnership loses money, your losses are limited by the amount you have at risk. As a result, you may not be able to fully deduct your losses.
Next, we'll calculate just how much you can deduct."
In the next screens I was told to put zero's and at the end of this Sch K-1 this is what TT told me.
"The amount of loss you may be able to deduct is limited by the amount you have at risk. Based on the amount you have at risk in this
investment, your deductible loss may be as much as zero and the nondeductible amount required to be carried forward to next year is "XXX"
XXX=the amount in box 11 (code c) which is a negative number"
But this doesn't seem right, does it?
