This form is required if shareholders are claiming a loss from the S-corp. Received a non-dividend distribution from an S-corp., Disposed of Stock in an S-corp. or received a loan repayment form an S-corp.
This is a necessary form all subscribers need to be aware of this new form!
Solved! Go to Solution.
Tax guy bill just do a search for the form it will pop up they will not support it. The form will be required by s Corp shareholders who deduct losses from the s Corp and 3 other situations. Look at the instructions for the form.
@Bill M wrote:
Tax guy bill just do a search for the form it will pop up they will not support it.
LOL. I did a post about that, but forgot about it.
However, I was only pointing out the article that was supposedly "updated". The article says it does not support Basis limitations, but that article was written years ago (before Form 7203). Although they supposedly "updated" the article, it is common for those articles to not REALLY be updated.
So I am HOPING that article was wrong.
If you've been doing it all along like you're supposed to, without software help, nothing much has changed. Just have to show your work and file it with the return now.
Form 7203 and its separate
instructions are developed to replace
the 3-part Worksheet for Figuring a
Shareholder’s Stock and Debt Basis
and its related instructions formerly
found in the Shareholder's
Instructions for Schedule K-1 (Form
Bob you are absolutely right but the form is required by an s Corp shareholder who deducts losses from the s Corp and 3 other situations see instructions for the form.
I do keep basis from inception and for new clients will always try to make sure their basis is correct. Sometimes can’t get all the information but I try.
Bob I think the 7203 will eventually be required to be filled by the s Corp in the future so the IRS can program their computers and correlate the form to the shareholders. It may take them some time but I think it will happen.
it actually does help to calculate basis very neatly. I have my own form from 30 years ago that I obtained from a seminar that I use sometimes to check the computer and also on excel. Basis and AAA. As they can be different.
Can we ask in what timeframe?
There is a different form that has been in the software for years, and the IRS has already finalized that form, and Intuit says they won't have that form won't be ready until March 17.
So based on that, and the fact that 7203 is a new form and the IRS has not finalized it, I suspect Intuit may have Form 7203 ready around August.
And Intuit is feverishly working on it. Well, they are probably working on it. Well, they are going to work on it and get it out ---------------- at some date in the future. Intuit doesn't really like to provided date estimates, because if it is late, they will upset people. Instead, they like to keep folks in the dark and "surprise" them when things are ready. On a scale of 1 to 10 for communication skills, Intuit checks in at about a minus 7.
Pot stirring spoons for sale - not made by ACME so they really do work