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LXXVII
Level 4
April 14, 2023
Question

Allowed losses on form 7203 (Column C)

  • April 14, 2023
  • 2 replies
  • 19 views

Why are the allowed losses on form 7203 not automatically inputed to the relevant forms such as schedule E or form 4797?

    2 replies

    Mike9241
    Level 15
    Mike9241Level 15
    Level 15
    April 14, 2023

    because Turbotax has a form that is required by the IRS that you can enter the numbers but it does nothing to limit losses or report income when shareholder loans with a reduced basis are repaid or income should distributions exceed tax basis.  the losses  can only be handled through form 6198 at-risk.   as for reporting the income from the types of events described you are on your own. 

    Mike9241
    LXXVIIAuthor
    Level 4
    April 14, 2023

    So in other words it is beyond the complexity of what turbotax can handle and manual inputs are required?

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