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Author: 4thebird Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121144  
Subject: k1 pit fall to check Date: 3/13/2014 11:27 AM
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If you are using turobtax one of the pitfalls of using the idiot mode is that sometimes it does not carry forward the losses not taken. so when you sell it the gain is not offset.

to avoid this, go into manual mode and make sure everything on the k1 from year to year is listed, and the carry forward is working for each year. other wise you will be like me spending the last few weeks figuring out where the carry forward for each k1 was missed and having to fix it in some cases for 7 years!

the flip side of this is that you can also get some idea what company is getting too much off set and you can sell a little to take advantage of it. the only bad is that the state of mass will not let this be long term gain, charge 12% regardless. or I have missed something and am still working on the answer for now.

ideas and bricks welcome.
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