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Entering business loss from Canadian company in US personal taxes

Babak
Level 3

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

Is the business a corporation in Canada?


Ex-AllStar
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Babak
Level 3

Yes it is.

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sjrcpa
Level 15

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.


Ex-AllStar
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