IRS form 7203 is the reporting form required by the IRS to disclose shareholder basis in an S-corporation. This form must be filed on the personal tax return IRS Form 1040 of many shareholders, starting with 2021 returns.
IRS form 7203 is filed by S corporation shareholders who:
- Are claiming a deduction for their share of an aggregate loss from an S corporation (including an aggregate loss not allowed last year because of basis limitations),
- Received a non-dividend distribution from an S corporation,
- Disposed of stock in an S corporation (whether or not gain is recognized), or
- Received a loan repayment from an S corporation.
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