turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Miscalculated stock/loan basis for S Corp and thus didn't take the business loss on personal return

I started my S Corp in 2017, had a net loss which I took on my personal returns (had enough basis).

 

In 2018, company again had a net loss but I miscalculated my basis so as per my miscalculated basis, I had to suspend about 90% of the loss.

 

Now for my 2019 return, do I apply the suspended losses or do I file an amended 2018 return and apply the losses in the amended return?

 

The miscalculation: the miscalculation is that, instead of transferring large amounts of money to my business account, I had paid multiple large expenses with my personal card. In my accounting I classified this as shareholder loan but when calculating basis I only looked at shareholder capital (forgot to look at loan)

 

Thank you!

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Miscalculated stock/loan basis for S Corp and thus didn't take the business loss on personal return

I'd say you would need to amend.

Miscalculated stock/loan basis for S Corp and thus didn't take the business loss on personal return

Ok thank you so much!

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question