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Get your taxes done using TurboTax
Again, you need to calculate your basis in the corporation.
See https://www.thetaxadviser.com/issues/2022/feb/s-corporation-shareholder-recomputation-basis.html
Your losses serve to reduce your basis and, with respect to your initial question, you cannot deduct a loss in excess of your basis on your 1040.
‎December 15, 2022
9:00 AM