topic Re: Adjusted basis for K-1 (1120-S) in Business & farm

Adjusted basis for K-1 (1120-S)

redhakamal67 — Sat, 27 Mar 2021 23:19:21 GMT

Where can I find the amount of the adjusted basis in my K-1 form 1120-S and from Shareholder basis worksheet?

Rick19744 — Sat, 27 Mar 2021 23:27:11 GMT

As a shareholder in an S corporation, it is your responsibility to maintain your tax basis in this investment.

This begins with your initial capital contribution and is updated annually for the applicable items on your K-1.

If you have been using TT previously, have you looked in your 2019 TT worksheet information to see if there is anything there?

redhakamal67 — Sun, 28 Mar 2021 01:47:17 GMT

This is first year I file as share holder.

Rick19744 — Sun, 28 Mar 2021 14:08:19 GMT

Ok. Take a look at the K-1 instructions in the attached link. You should be able to determine the annual adjustments from this.