Hi Mike,
You were very helpful back in August when I made my initial post. I now have a final K-1 for the LLC that has been dissolved. As I enter the information into TT, I'm seeing my passive loss hitting Schedule 1, but TT also asked me for my sales price and cost basis. I entered "$0" for sales price, and "$5,000" for my cost basis (purchase price). In addition to the -$5,000 showing up in Schedule 1, I'm also seeing a -$5,000 in schedule D.
Is this correct? I'm worried that TT is reporting the same loss in two places and I don't want to be "double dipping". Please advise, and thank you in advance!
Steve
