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cpahdr
Level 3
September 28, 2022
Question

s corp k-1 loss with no basis

  • September 28, 2022
  • 4 replies
  • 39 views

shareholder has a k-1 loss with no basis. How do I report this on his 1040?

This topic has been closed for replies.

4 replies

sjrcpa
sjrcpa
Level 15
September 28, 2022

You don't. The loss gets carried over to future years when there may be basis.

Form 7203 may be required for 2021, though.

The more I know the more I don’t know.
    cpahdrAuthor
    Level 3
    September 28, 2022

    Thank you, that is what I thought, but in future year where there is basis, hw do you report the K-1 loss?

      sjrcpa
      sjrcpa
      Level 15
      September 28, 2022

      I don't use ProSeries, but way back when I had to do this in Lacerte,

      I would enter it as a separate K-1 line item called prior year loss allowed or something like that.

      Lacerte does these calculations for us now.

      The more I know the more I don’t know.
        Terry53029Intuit Community Champion
        Intuit Community Champion
        September 29, 2022

        In ProSeries on the K1 line showing the loss, I use the supporting statement for that line showing basis, and loss. That way I don't have to override. I then keep the clients basis in his/her file

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