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RD, Certified Public Accountant (CPA)
Category: Tax
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Can I carry over my prior year loss from my s corporation on

Resolved Question:

Can I carry over my prior year loss from my s corporation on my personal return this year. If yes, in what form or schedule do I report last year loss? FYI I have received K-1 from my S corporation and I trying file schedule E with my personal tax return.
Submitted: 4 years ago.
Category: Tax
Expert:  RD replied 4 years ago.

When you received the K-1 for the prior year- the loss would have been included on your prior year personal tax return. presuming you were actively involved in the S Corp and you had basis - this loss would have offset your income in prior year and any excess loss not used will be carried forward on your personal tax return.

 

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

 

Customer: replied 4 years ago.
I am actively involved in S Corp. In 2008 my comany status was single owner LLC and it had a loss of 26,000; in 2009 I elected to file as S Corp, and I have some net icome from the S Corp that I am going to reprt in my personal tax return. My question is what form or schedule do I need to record the 26,000 loss I had in 2008
Expert:  RD replied 4 years ago.

$26,000 loss would be reported as net operating loss in 2008 and it must have offset your other income (if you reported as a disregarded entity on Sch C,). Any excess loss would have been carried forward and can be claimed on Form 1040 on " other income" line as NOL and entered as negative item.

 

Here is alink to the publication for your reference-

http://www.irs.gov/publications/p536/ar02.html#en_US_publink100096463

 

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

 

 

RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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