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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Re: S Corp Debt Basis Restoration
S Corp Debt Basis Restoration
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HenryLI
Level 1
09-01-2024
07:56 AM
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How do I enter debt basis restoration on a 2023 Lacerte S Corp return?
2 Comments 2
Karl
Level 8
10-01-2024
04:24 PM
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I would expect that it would happen automatically when the corporation has profits. Debt basis gets restored first, before stock basis. Did your client have a profit year, and are you not seeing debt basis restored on the 7203?
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