PatriciaV
Expert Alumni

Get your taxes done using TurboTax

1) There are no negative numbers anywhere on the form.

 

2) if in any year, the losses reported on Schedule K-1 took your basis below zero. those were "disallowed" and carried forward.

 

Note that Form 7203 reports your side of the investment. These calculations are not made by the S-Corp; these should come from your historical records. 

 

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