So what is the simple answer? Is the balance at the beginning of the year the basis? I've got a loss this year, and TT is telling me my allowable losses are zero. My basis on the 1120s worksheet is also 0. It's something I've never had to worry about before.
So where do I come up with a number for that so I can take my losses?
And how does that pass through to my personal return?
ETA: The IRS form says: " That amount is then increased and/or decreased based on the pass-through amounts from the S corporation."
Ok, so basically all I need to do is add up all my passed through amounts over the years from my K-1s. Since I have no losses prior to this year, it would be a good amount. Is that right?
