Hello all,
There is huge loss in 2020 due to COVID and I'd like suspend this loss.
How do I do this in pro-series.
Any helps will be greatly appreciated.
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I'd like suspend this loss.
The only reasons I know that it can be suspended are:
No basis
Passive
And this happens on the shareholder's return, not the 1120S
That's what I understand from my researched.
There is a shareholders' basis but not a lot. The loss exceed the shareholders' basis.
How do I enter that in the shareholders' returns?
Thank you
ProSeries does not have a mechanism for limiting losses in excess of basis. Using a 6198 might get you to the same bottom line but it's not technically correct. You just have to do this manually and keep a spreadsheet of cumulative adjustments.
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