Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProConnect Tax
- :
- ProConnect Tax Discussions
- :
- I have an LLC that has ownership in another LLC. It has a negative basis in that LLC. Where do I limit the loss allowed in the tax software just for that K-1?
I have an LLC that has ownership in another LLC. It has a negative basis in that LLC. Where do I limit the loss allowed in the tax software just for that K-1?
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
Michelle101697
Level 2
08-18-2022
01:22 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
1 Comment 1
sjrcpa
Level 15
08-18-2022
02:29 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
There is no such thing as negative basis.
There can be a negative capital account.
Enter only the allowable loss and note in your file the amount to carryover for when there is basis.
The more I know the more I don’t know.
