Hi
Can someone tell me if Form 7203 is actually working to limit losses on the 1040. I know I have a basis limitation, but my 1040 is allowing me to take the total loss from our S Corp. I don't know what I am doing wrong on Form 7203. We have a stock basis and debt basis and our loss is in excess of both combined.
Would really appreciate any help I can get. TT told me they emailed me, but I cannot find their emails anywhere.
Thank you.
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