It would be good to understand a couple of items:
- It is the responsibility of a shareholder to maintain a basis schedule of their investment in the S corporation. This is key as it determines the allowable loss (if applicable), tax impact of distributions and overall gain or loss upon disposition.
- So the first question, have you been maintaining a basis schedule?
- If the answer is "yes", then just use what you have been maintaining; assuming it is clear if reviewed by the IRS.
- If the answer is "no", then you clearly need to do so, and then just attach what you have prepared.
- Is TT computing your return correctly based on the response to the basis schedule question(s)?
- Since you are paper filing your tax return, just manually check the appropriate box if you can't figure out how to do so in the software.
- Since you are paper filing a late return, make sure you send it certified mail return receipt requested. The taxpayer has the initial burden of proof for filing and the recommended mailing is inexpensive insurance.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
