I invested $4,500 in an S Corp and became a passive investor. I just received the K-1 forms showing losses for 2015 and 2016. Since I am a passive investor and cannot offset other non-passive incomes with losses from S corp. Do I need to file an amended taxes for 2015 and 2016, as there would be no change to the tax amounts?
In addition, the S corp was dissolved in 2017, can I just take $4,500 loss against other non-passive incomes in 2017? Thank you.
You'll need to sign in or create an account to connect with an expert.
Yes, you will want to amend your prior year returns to report these losses, even though you will not currently be able to deduct them.
This is because when you sell your asset, you will be able to take the losses at that time.
Yes, you will want to amend your prior year returns to report these losses, even though you will not currently be able to deduct them.
This is because when you sell your asset, you will be able to take the losses at that time.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
fortini9677
New Member
adkkmf
Returning Member
Mtaylor1211
New Member
Kathy4
Level 2
kristycox-kc
New Member