Business & farm

Shareholder basis is not something that TT tracks.  Too many factors involved in this process.

This can be done using an excel worksheet; beginning with capital contribution, updated annually for the applicable lines on the K-1 including distributions.

What this then means, is that you will need to attach your own basis schedule as requested, attach it to your federal return and then paper file the return.

When paper filing a return, I recommend sending it certified mail return receipt requested.  This way you get a receipt validating that the IRS received the return.

*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.

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