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If the taxapayer report a loss form his S-Corp, he will need
If the taxapayer report a loss form his S-Corp, he will need to attach his "stock basic calculation " to his schedule E, form 1040. Is that correct?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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How are you this evening? I appreciate your help.I going to
Hi. How are you this evening? I appreciate your help.I going to send my extendedly due 1040 tomorrow.Ill include the the Shareholders Basis Worksheet.Anyway, as you may have figured out, Im a sharehol… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,029 satisfied customers
I have an S corp with a loss of $31,000 that will pass
hello I have an S corp with a loss of $31,000 that will pass through my personal return on Schedule E. Is there a limitation on that loss? … read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
4,306 satisfied customers
I received my K-1 showing a loss of $2541 and trying to
I received my K-1 showing a loss of $2541 and trying to amend my tax return (this is for 2015). Where is it located on the 1040x? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,029 satisfied customers
I have a client who received substantial k-1 from an S Corp.
I have a client who received substantial k-1 from an S Corp. S Corp net business income box 1 is 260000. In line 16, he has a distribution of 230,000 code D. In other words, he did not take his full k… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
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Lane! If a partnership has a negative capital account (or
Hello again, Lane! If a partnership has a negative capital account (or S-Corp has a negative AAA account) does the IRS require any sort of partner (shareholder) basis information to be attached to the… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
17,700 satisfied customers
I have a client that has an S-corp and we filed the 1120S
I have a client that has an S-corp and we filed the 1120S tax return, we have been doing the books and the tax returns for this client for 5 years. We had a major IRS Audit for 2014 and got a lot of p… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
17,700 satisfied customers
I am preparing 1040 that have a k-1 from his S Corp which is
I am preparing 1040 that have a k-1 from his S Corp which is showing the following: … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,539 satisfied customers
When I filed my 1120s last year I marked final return,
When I filed my 1120s last year I marked final return, because I thought it was.....however I did have some final costs in 2015 that I want to deduct. Does it matter that I marked "final" on lats year… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,325 satisfied customers
I have a client that got w-2 income but also issued 2 1099's
I have a client that got w-2 income but also issued 2 1099's for $30,000.00 for work he had done for him. would you do a schedule C with a $30,000 loss?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,029 satisfied customers
I own 100% of a sub S corp in Louisiana and I am a Louisiana
I own 100% of a sub S corp in Louisiana and I am a Louisiana Citizen. Do I claim the Subchapter S Corp exclusion on line 1B of form cift-620 and only figure and pay Franchise Tax.… read more
Barbara
Barbara
Enrolled Agent, Paralegal
11,853 satisfied customers
I have a client who vacated his restaurant and sold his assets
I have a client who vacated his restaurant and sold his assets for $1 to the landlord in lieu of back rent. Total equipment value is $642k. Accum depr is $442k. How do I report this correctly to the I… read more
CFEPro789
CFEPro789
Fraud Analyst
Master's Degree
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I started a company (s corp) last year that was a treasury
I started a company (s corp) last year that was a treasury management company for some of my other businesses. I also wanted the new company to serve as a consolidated investment company, using the ca… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,029 satisfied customers
Purchased a laundromat for 250k, sold 200k, held 2 years (lost
Purchased a laundromat for 250k, sold 200k, held 2 years (lost money - lesson learned). S-Corp. Contract of sale gave me the allocation of fixed assets, inventory, goodwill (which I purchased), and an… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,029 satisfied customers
Our S-Corp went "under" around 2008 (cabinet maker). The corporation
Our S-Corp went "under" around 2008 (cabinet maker). The corporation AND my husband received a 1099-C for a line of credit the corp had with the bank. Where do I enter this - on our 1040 or 1120S? As … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,029 satisfied customers
hello, we are doing our corporate and personal taxes today
hello, we are doing our corporate and personal taxes today for 2010. we had a loss of 36K from 2009. can we roll that over into 2010 or is it absorbed into 2009? one tax pro tells us it rolls over to … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,029 satisfied customers
This is for tax year 2008. My wife and another person opened
This is for tax year 2008. My wife and another person opened a small business in 2007. The business was set-up as an S Corp. They both worked in the business. My wife made the decision to get out of t… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
If you are the sole stockholder of a Subchapter S ...
If you are the sole stockholder of a Subchapter S corporation and you use a segregated section of your residence as your office, can a home office expense be taken on the Form 1120S? If yes, how would… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
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