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Business & farm
I can't emphasize it enough that you need to track your basis from the start of your company. I discovered this a few years after marrying my husband and taking over the books for my husband's company that was over 25 years old. His tax professionals never told him this. You need to gather all the info on what you put into the company and check the Calculate Shareholder stock and debt basis limitations worksheet in your Federal business return. Turbotax makes this task easy. I tried to figure this out by reading on the IRS website and it was quite impossible for me and I have a decent IQ. You can go back into to forms and look at the first few pages to enable it if you didn't do so already.
‎September 22, 2024
11:34 PM