Re: Adj Basis of Tot Inv Ast shouldn't be less tha...
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Level 3

Adj Basis of Tot Inv Ast shouldn't be less than or equal to zero?

TT will not complete the error check without me giving a non zero number here and also a non zero number for foreign investment assets .  this number than seems to go into the form 1116 worksheet.

I have a simple tax return with some mutual funds that generated passive income dividends that had some foreign taxes paid

 

Im re-asking this question because prior answers didnt answer the question

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Level 8

Adj Basis of Tot Inv Ast shouldn't be less than or equal to zero?

If TT raises an issue regarding “investment interest expense” and it is not relevant, here is a work around.

 

investment interest expense =0

adjusted basis of investment assets generating foreign income =0

adjusted basis of total investment assets = 1

TT will divide zero by one which equals zero and that should clear the error.

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