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Business & farm
If we are talking about Form 7203, Part I Line 1 is your stock basis at the beginning of the year. This number should be positive (no minus sign), as in greater than zero.
Part III Line 47 is a total that includes Line 41 for Section 179 deductions. Column B of Part III shows carryover amounts from last year. If you had a Section 179 carryover, change that number to zero. (The IRS made retroactive changes to Section 179 that may have eliminated your carryover.)
Be sure you are entering numbers in boxes that are highlighted or those with blue numbers. Other areas of the form are locked for manual entry.
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March 30, 2023
2:13 PM