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Business & farm
You said the following:
(2) There are no negative numbers anywhere on the form, so if things are coming up negative the underlying information has been entered incorrectly - I think that is the underlying problem.
I don't get this. The instructions specifically state that negative losses are to be reported in Part III. Line 35 specifically asks for input of losses reported on K-1 line 1. How do you NOT insert a negative number there? The whole point of this form is to determine if basis is enough to allow the deduction of the loss reported on K-1, is it not?
‎April 13, 2022
4:48 PM