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PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4479
Experience:  35 years tax experience, including four years at a Big 4 firm.
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Can i offset a (Form 1120S) Sub s corp K-1 loss from a

Customer Question

Can i offset a (Form 1120S) Sub s corp K-1 loss from a business trucking activity against a (Form 1065) Partnership K-1 net income for a business trucking activity for the same year?
Submitted: 1 year ago.
Category: Tax
Expert:  PDtax replied 1 year ago.

Hi from Just Answer. I'm PDtax, and will assist.

Expert:  PDtax replied 1 year ago.

As long as you have basis in the S corp, allowing the loss to be used, you should be able to offset the trucking company partnership income with the S corp loss.

Expert:  PDtax replied 1 year ago.

Thanks for asking at Just Answer. Positive feedback, rating my assistance, credits me with assisting and closes out your question. I'm PDtax.