Thank you very much for responding. So, I thoroughly reviewed my 2020 business return and there is no reporting of basis on that return. I have no idea where the accountant got it because he didn't even ask for it and he didn't report any basis to the IRS. That's besides the point now I guess. I know what my basis is based on my Balance Sheet in Quickbooks, so my loss should not have been limited by the basis. It sounds like the only way to truly fix this mistake is to amend 2020 filings which would be more of a burden than it is worth. Can you please confirm that there isn't any way to carry that loss forward onto the 2021 return? Or is my only remedy amending the returns because it is an S-Corp and it should have flowed through to the federal return in 2020? My assumption is the latter but I am reviewing that IRS form 7203 to confirm. Thanks again.
