Babak
Level 3
04-17-2023
03:17 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
My client owns a business in Canada and filed canadian business taxes for it with 50,000 in loss. Can I claim that loss in his US personal taxes? and if yes, where should I enter the number?
Thanks
Labels
sjrcpa
Level 15
04-17-2023
03:30 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Is the business a corporation in Canada?
The more I know the more I don’t know.
Babak
Level 3
04-17-2023
03:32 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Yes it is.
sjrcpa
Level 15
04-17-2023
04:40 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Then no loss goes on your client's personal return, same as if this was a US Corporation.
But, client probably needs to file 5471, FBAR and maybe 8938.
The more I know the more I don’t know.