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Business & farm
Actually turbo tax will give this information if you enable the forms in the form section. For the numbers to be correct you need to go back to the beginning of the company and account for how much money you put in, loans, etc. Once you go through the whole process looking at the IRS explanation turbo tax will make your life so much easier because those instructions on the IRS website are very hard to follow. Now that information is updated automatically when I do each years' taxes. You have to know your basis in the company if there is ever a loss you want to get credit for.
‎February 1, 2020
11:32 PM
9,863 Views