Technical topics regarding tax preparation.
19-Feb-2019 6:26pm
- Posts:
- 2091
- Joined:
- 21-Apr-2014 12:31pm
- Location:
- HAWAII
Is there a specific form or format that should be used for the basis computation that's required this year or can I use the basis worksheet that my software provides with the K-1's?
19-Feb-2019 6:31pm
- Posts:
- 6477
- Joined:
- 23-Apr-2014 5:27pm
- Location:
- Maryland
I would use what your software produces. That's what I've been doing since they introduced this requirement several years ago.
19-Feb-2019 6:45pm
- Posts:
- 2091
- Joined:
- 21-Apr-2014 12:31pm
- Location:
- HAWAII
I've never provided a basis statement when filing the personal return of an S Corp stockholder, and we've never been asked to provide it. The first I learned of it needing to be attached to the return is this year and my software is actually stating it has to be attached or the return can't be e-filed. That never happened before. When did you start attaching them SJR?
19-Feb-2019 6:52pm
- Posts:
- 6043
- Joined:
- 22-Apr-2014 3:06pm
- Location:
- WA State
Last month, I learned that ProSystem has been sending the basis schedule with the efile for many years when an s-corp loss was being claimed.
~Captcook
19-Feb-2019 6:54pm
- Posts:
- 326
- Joined:
- 12-Feb-2015 9:13am
- Location:
- Idaho
The requirement is stated on Sch E p2 now. First year this request was on the form.
19-Feb-2019 7:14pm
- Posts:
- 2091
- Joined:
- 21-Apr-2014 12:31pm
- Location:
- HAWAII
Doesn't the requirement have something to do with the shareholders having taken a distribution, too? And I just looked at the Schedule E, it does have a new box on it to be marked if a basis calculation is required, that was not on the Schedule E last year, I checked. I also just caught the phrase "Attach this worksheet to your return" at the top of the worksheet I was wondering about. It would be a lot easier if Drake would just attach it or have a mark somewhere that automatically attached it. Oh, well, good thing my printer will do a PDF.
19-Feb-2019 8:04pm
- Posts:
- 496
- Joined:
- 12-Jun-2014 6:13pm
- Location:
- North Carolina
If you have filled in the basis screen, all you should have to do is go to view mode and click on the icon to attach it.
Because on T.A. ten was the most you were allowed
20-Feb-2019 4:03am
- Posts:
- 268
- Joined:
- 23-Jan-2015 11:10pm
- Location:
- michigan
For as long as I can remember, the IRS instructions in Schedule E have said that you have to attach a basis schedule if you are claiming a loss from an S corp. for the tax year.
20-Feb-2019 7:38am
- Posts:
- 2820
- Joined:
- 21-Apr-2014 3:12pm
- Location:
- Southern Pines, NC
Retired, no salvage value.
Return to Taxation
Who is online
Users browsing this forum: Anderly, itssewtaxing, JAD, JessCPA113, jon, lckent, MAPCPA60, MilesR, missingdonut, SALYstrikesagain, Seaside CPA, SumwunLost, Tangled Web, taxp2345, TheGrog and 172 guests