You may qualify to file IRS Form 7203. IRS Form 7203 Instructions page 1 states:
Purpose of Form
Use IRS Form 7203 to figure potential limitations of your share of the S corporation's deductions, credits, and other items that can be deducted on your return.
Who Must File
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).....
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