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Get your taxes done using TurboTax
No, do not file both. You are not required to report double the actual amount.
Report only the full amount of the debt on your S-corporation, you would file this as income under the S-corporation. This will flow through to your personal income tax return through your K-1.
Keep documentation in your tax file to show the amount was doubled should you need to provide it to the IRS at a later date.
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‎February 26, 2025
6:53 AM