Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

basis limitations s corp

Ron42661
Level 1

Have an individual who has a K-1 with a loss but due to basis limitations cannot take the loss - where/how is that entered on the 1040?

Labels (1)
0 Cheers
1 Solution

Accepted Solutions
TaxGuyBill
Level 15

Nowhere on the current return.

You only enter the allowed amounts from the K-1, then manually carry over the unallowed amounts to future years when Basis is restored.

View solution in original post

2 Replies 2
TaxGuyBill
Level 15

Nowhere on the current return.

You only enter the allowed amounts from the K-1, then manually carry over the unallowed amounts to future years when Basis is restored.

View solution in original post

Ron42661
Level 1

Thank you - was hoping the program tracked it. I appreciate the response

0 Cheers