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?
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.
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