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Level 2
posted Mar 29, 2024 12:27:13 PM

2024 Form 7203 "Gain on loan repayment" Line 34 has a positve value. This is for repayment on open account debt. How to report this?

My K-1 shows that $500 was repaid on an open account debt. I completed form 7203 and line 34 shows a gain on loan repayment since I had used the entire debt as basis against a prior years loss carryover. IRS instructions say this should be reported on form 4797.  But I can find no example of where and how to put the $500 on form 4797 and Turbo Tax is not doing this automatically for me. Any thoughts would be appreciated.

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1 Replies
Level 2
Mar 30, 2024 10:14:49 AM

Sorry - should be for 2023 taxes not 2024