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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- Entering business loss from Canadian company in US personal taxes
Entering business loss from Canadian company in US personal taxes
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Babak
Level 3
04-17-2023
03:17 PM
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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
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3 Comments 3
sjrcpa
Level 15
04-17-2023
03:30 PM
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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
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Yes it is.
sjrcpa
Level 15
04-17-2023
04:40 PM
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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.
