@PGB12
- Based on the limited facts, you are correct in that we believe that the $1,000 should have been included in your ending tax basis of your investment in the S corporation.
- While there are not sufficient facts to provide an accurate determination for your 2022 tax return, if the $1,000 was not included in your tax basis when you filed the final S corp return, your 2022 personal tax return may need to be amended. The issue at hand all relates to your 2022 tax return.
- Based on your response, I would find another CPA that provides support when you need it most, and that is when the IRS questions your tax return.
*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.
