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basis limitations s corp

Ron42661
Level 3

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?

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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.

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2 Comments 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.

Ron42661
Level 3

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

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