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S corp negative basis problem

drounds67
Level 1

Hi,

I have a basis question for a s-corp.  I normally let my accountant do my taxes but it has been a rough year for oil and gas so I can't afford his fees with out using 1/3 of the upcoming years revenue as the wells are not producing much revenue anymore. 

For 2020 after working thru the basis worksheet I end up with a negative stock basis.  Which I can't have of course. I have had business losses for the last 2 years which has whittled down my basis.  As of the end of 2019 I had $386 stock basis and $1,865 loan basis per my books.  After working thru the worksheet I end up with a -$243 stock basis and $1,865 loan basis.  I'm not sure what my next step would be to adjust my basis back to zero correctly.  Do I use a suspended loss or adjust my loan basis.  Any help would be appreciated. 

Thanks,

David

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drounds67
Level 1

sorry it got posted to the wrong forum.

View solution in original post

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qbteachmt
Level 15

Are you using ProSeries software? This forum is for using that software. Not for general tax help. Software is a Tool; you might not know where to enter something because there is a new worksheet this year. Knowing what you need to enter and how the tax regulations apply is part of continuing education for professional tax preparers.

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"Level Up" is a gaming function, not a real life function.
drounds67
Level 1

sorry it got posted to the wrong forum.

View solution in original post

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qbteachmt
Level 15

You didn't tell us which software you are using; did you want the TurboTax Community?

You seem to be lost on the internet.


Please visit the TurboTax Help site for support.

Thanks.

 

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"Level Up" is a gaming function, not a real life function.