stradle loss on K-1

[oceanlovin'ea]

I don't know anything about straddles! But I have a K-1 that is a PTP and has a loss on line 11C which is Sec 1256 contracts and straddles. Since there was not income sufficient to match the loss, the loss isn't allowed. Am I correct about that much? But what do I do with it? The program won't let me put the loss in and exit the form. HELP!!!!

Linda F

[Maude Lebowski]

You are correct about that much, I can tell you that. Can't help with the program though. You should be able to put it on your software's K-1 screen, let it generate the 6781, disallow the loss, and carry it over to next year.

[oceanlovin'ea]

I will call my software company tomorrow and ask how I should enter the information. Thanks for your help.

Linda F

[oceanlovin'ea]

I use TaxslayerPro. It will not let me enter a negative amount when there is no income to offset it. I did talk to someone there and he told me to go to form 3800 and to the 8382 Cr to carry the loss forward.