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Business & farm
As a shareholder in an S corporation, it is your responsibility to maintain your tax basis in this investment.
This begins with your initial capital contribution and is updated annually for the applicable items on your K-1.
If you have been using TT previously, have you looked in your 2019 TT worksheet information to see if there is anything there?
*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.
Also keep in mind the date of replies, as tax law changes.
March 27, 2021
4:27 PM