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- 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?
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Michelle101697
Level 2
08-18-2022
01:22 PM
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sjrcpa
Level 15
08-18-2022
02:29 PM
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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.
