topic Can Ordinary Business Loss from S Corporation, form 1120 S Schedule K-1 line 1, offset Long Term Capital Loss on Form 1040 for tax year 2020 ? in Business & farm

Can Ordinary Business Loss from S Corporation, form 1120 S Schedule K-1 line 1, offset Long Term Capital Loss on Form 1040 for tax year 2020 ?

bart38 — Sat, 03 Apr 2021 13:58:16 GMT

Re: Can Ordinary Business Loss from S Corporation, form 1120 S Schedule K-1 line 1, offset Long Term Capital Loss on Form 1040 for tax year 2020 ?

Anonymous_ — Sat, 03 Apr 2021 16:07:24 GMT

Ordinary business losses from Line 1 of the K-1 from your S corporation can offset all other types of income provided you materially participate.

I am assuming you meant to write "Long Term Capital Gain" since losses do not offset other losses.

Re: Can Ordinary Business Loss from S Corporation. , form 1120 S Schedule. K-1 line 1, offset Long Term Capital gain from Sale of public stock on my personal account ( not S Corp account)on Form 1040. for tax year 2020 ?

bart38 — Sat, 03 Apr 2021 18:10:42 GMT

Re: Can Ordinary Business Loss from S Corporation. , form 1120 S Schedule. K-1 line 1, offset Long Term Capital gain from Sale of public stock on my personal account ( not S Corp account) on Form 1040. for tax year 2020 ?
1. “ form 1120s Corp K-1 , line# (1,000) loss

2. LongTerm Cap gain on sale of public stock ( not on S Corp Books) private. $400

can you offset or must pay long term cap gain on th $400- assume I’m in 20% rate