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G
gar_pol
April 7, 2024
Question

Is 1120s k1 shareholder basis reported to irs

  • April 7, 2024
  • 1 reply
  • 0 views
No text available

1 reply

M
Mike9241
April 7, 2024

if you have a loss, receive distributions, make or repay loans form 7203 is required in which you report your basis in the S-corp to the IRS. The S-corp does not. 

G
gar_polAuthor
April 7, 2024
  • Thank you, Mike. But s corp k-1 has an attachment “shareholder’s basis calculation “ worksheet. It has incorrect calculation because it did not take previous years into account. The question is whether this worksheet reported to irs by s corp ?
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