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- 1040 Schedule E pg 2 - S Corp
1040 Schedule E pg 2 - S Corp
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commander24
Level 3
03-04-2022
10:01 AM
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We noticed that when you have the s corporation that on the E pg 2, there would be statement for the basis, but the statement pages are blank. Statement lines are there on the E pg 2. I didn't know if that intentional or not since really it is reported on 7203 now.
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Karl
Level 8
03-05-2022
02:04 PM
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Yep, I'd bet it's intentional. Before 7203 was released, but after it had been announced, Lacerte tried to petition the IRS to accept their statement as a substitute for 7203. Then when 7203 was released and Lacerte saw the debt breakouts, they realized they had to integrate the form. So I would imagine they axed the statement to buffer against the risk of inconsistent reporting due to algorithms.
I hope they are keeping / kept the state basis statements. Haven't gotten there yet to see with my clients. I'm in CA, and their basis is WAY diff than federal.
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