TaxGuyBill
Level 15
01-22-2021
10:38 AM
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@Anthony C wrote:Not going to amend. Any solutions for 2020?
I would tell the client to amend, or go away.
You know there SHOULD be $30,000 of suspended losses on the 2020 tax return to file a correct 2020 tax return. But I certainly would not claim that knowing they already took those losses. And don't forget that when you claim losses, you need to include a Basis schedule with the tax return.
So from my viewpoint, in order to prepare a correct 2020 tax return, they NEED to amend 2018 and 2019. Personally, I would not prepare 2020 unless they do that.