S corp negative basis problem

Forum|Forum|5 years ago
February 27, 2021
2 replies
20 views

Hi,

I have a basis question for a s-corp. I normally let my accountant do my taxes but it has been a rough year for oil and gas so I can't afford his fees with out using 1/3 of the upcoming years revenue as the wells are not producing much revenue anymore.

For 2020 after working thru the basis worksheet I end up with a negative stock basis. Which I can't have of course. I have had business losses for the last 2 years which has whittled down my basis. As of the end of 2019 I had $386 stock basis and $1,865 loan basis per my books. After working thru the worksheet I end up with a -$243 stock basis and $1,865 loan basis. I'm not sure what my next step would be to adjust my basis back to zero correctly. Do I use a suspended loss or adjust my loan basis. Any help would be appreciated.

Thanks,

David

ProSeries Basic

This topic has been closed for replies.

Best answer by drounds67

sorry it got posted to the wrong forum.

qbteachmt

Level 15

Are you using ProSeries software? This forum is for using that software. Not for general tax help. Software is a Tool; you might not know where to enter something because there is a new worksheet this year. Knowing what you need to enter and how the tax regulations apply is part of continuing education for professional tax preparers.

Don't yell at us; we're volunteers

D

drounds67AuthorAnswer

Level 2

sorry it got posted to the wrong forum.

qbteachmt

Level 15

You didn't tell us which software you are using; did you want the TurboTax Community?

You seem to be lost on the internet.

Please visit the TurboTax Help site for support.

Thanks.

Don't yell at us; we're volunteers

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