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dfleming11
Returning Member

Form 7203

Hello:

Getting error message "Line 3g cannot have a gain in Part 1 and a loss in Part 111".

1st of all I had my cpa filled out my K-1 and 7203, so I am just typing info manually into TT.

Carrying over from K-1 line 8a net capital gain (long term) to 3g - inputting a positive value.

Carrying over from K-1 line 7 net short term gain(loss) - I have a loss and entering it in part III on form 7203 line 38 as a POSITIVE number as well. all info trues up with CPA inputs and values.

Error in TT? How to resolve?

5 Replies
tagteam
Level 15

Form 7203

Check with your CPA again.

 

You are supposed to net Lines 7, 8a, 8b, and 8c on Line 3g.

dfleming11
Returning Member

Form 7203

So when it says "enter losses in Part III",  then that means if the total summation of all lines (7, 8a, 8b, and 8c), is less than zero, enter that value in Part III. Otherwise Part I. ?

tagteam
Level 15

Form 7203

Yes, I believe that to be the case. 

 

I will page @Rick19744 on this. Form 7203 is a new form.

dfleming11
Returning Member

Form 7203

An AMBIGUOUS one at that!!!

Rick19744
Level 12

Form 7203

I agree with @tagteam .

Each of the lines noted request detail on capital gains or losses which should be a net figure; and each respective line states "net".

The K-1 is prepared correctly as those figures will be reported separately for purposes of determining your taxable income.

The form 7203 is determining your net basis which has a different purpose.

*A reminder that posts in a forum such as this do not constitute tax advice.*
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