topic I left an S-Corp for which I had been receiving a K-1. I will not be receiving a K-1 for 2019, but I am still owed distributions that were reported. Can I claim a loss? in After you file

I left an S-Corp for which I had been receiving a K-1. I will not be receiving a K-1 for 2019, but I am still owed distributions that were reported. Can I claim a loss?

kelseynberry23 — Fri, 31 Jan 2020 17:22:30 GMT

Re: I left an S-Corp for which I had been receiving a K-1. I will not be receiving a K-1 for 2019, but I am still owed distributions that were reported. Can I claim a loss?

Anonymous_ — Fri, 31 Jan 2020 17:31:14 GMT

You have to compute your basis which, hopefully, you have been keeping track of outside of TurboTax.

See https://www.irs.gov/businesses/small-businesses-self-employed/s-corporation-stock-and-debt-basis

Re: I left an S-Corp for which I had been receiving a K-1. I will not be receiving a K-1 for 2019, but I am still owed distributions that were reported. Can I claim a loss?

kelseynberry23 — Fri, 31 Jan 2020 17:48:28 GMT

Thank you! I have no debt basis - but need to confirm the stock basis. I was a 5% shareholder. I have the paperwork but it has not been computed. If I am not getting a K-1 for 2019, how can I report it as a loss?

Re: I left an S-Corp for which I had been receiving a K-1. I will not be receiving a K-1 for 2019, but I am still owed distributions that were reported. Can I claim a loss?

Anonymous_ — Fri, 31 Jan 2020 17:51:13 GMT

@kelseynberry23 The link I provided has guidance on how to compute your stock basis (scroll down).

You should obviously know what you initially contributed to the corporation and, from there, you need to follow the instructions on the IRS web site.

Re: I left an S-Corp for which I had been receiving a K-1. I will not be receiving a K-1 for 2019, but I am still owed distributions that were reported. Can I claim a loss?

kelseynberry23 — Fri, 31 Jan 2020 17:52:30 GMT

Thank you! I have been digging into the link.

My initial investment was on an equity basis, which is a bit tricky.

Re: I left an S-Corp for which I had been receiving a K-1. I will not be receiving a K-1 for 2019...

RobertG — Fri, 31 Jan 2020 17:54:45 GMT

You should report it as the sale or other distribution of your stock in the S-Corp.

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