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Business & farm
@comboardq . "...had any amount not at-risk" would include having NO amount at-risk.
I do believe TT would track your unallowed carryover losses utilizing form 6198. This will require you to complete the form within TT. This may also require utilizing the forms mode to get all of the appropriate information into TT.
Having said that, it appears you have someone maintaining this for you and all you need to do is input the allowed loss into TT when you have sufficient basis (at-risk) to use prior losses.
While this eliminates preparing form 6198, you will still need to prepare and submit the new form 7203.
*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.
Also keep in mind the date of replies, as tax law changes.
‎October 7, 2022
7:25 AM
1,642 Views