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I have an S-Corp that has portfolio investment income. Does this not count as part of their basis?
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Yes it does.
Ex-AllStar
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How does everything look once you have the balance sheet prepared?
Slava Ukraini!
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The balance sheet balances. I'm sorry but this is the first time I have had any business do any investments with investment companies, not a CD in a bank. I have Lacerte to balance with the portfolio income & expenses on the M1 & other sch K items. But nothing really showing up on the K1. Your help will be greatly appreciated.
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The investment itself really isn't any different than a CD in a bank. The only difference is the earnings being generated from the investment. Instead of just interest, you could have interest and dividends and possibly a capital gain or loss to report.
Slava Ukraini!
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Mr. Iron Man--
I am correct that Unrealized gains & losses are not included on the K1s?
Also are investment fees deductible, if so, would that be box 12 cod L deductions - portfolio (other)?
Thank You so much for helping in advance
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Unrealized gains and losses are not taxable income and would not show up on the K-1 (unless certain mark to market (?) elections have been made.)
Investment expenses are no longer deductible by individuals.
Ex-AllStar