deductionsarefu n
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This last reply from deduction are fun is the same as virgl. Sorry for the confusion. I could not seem to get back to the virgl user name.
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The 1120-S has a loss in 2023 of approximately $16,000. That loss amount is allowed on 7203. Once I enter that on 1040-SR, the total income is approximately $-1...
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- Got Cheered for Re: On Individual form 7203 based on 1120S K-1, I have a large formal debt 1 and new formal debt based on 2022 & 2023 losses. If '23 loss does not impact net taxable, do you restore any of that in Part II Shareholder Debt Basis? Do you add that to li. September 13, 2024 11:17 AM
- Posted Re: On Individual form 7203 based on 1120S K-1, I have a large formal debt 1 and new formal debt based on 2022 & 2023 losses. If '23 loss does not impact net taxable, do you restore any of that in Part II Shareholder Debt Basis? Do you add that to li on Get your taxes done using TurboTax. September 13, 2024 10:24 AM
- Posted Re: On Individual form 7203 based on 1120S K-1, I have a large formal debt 1 and new formal debt based on 2022 & 2023 losses. If '23 loss does not impact net taxable, do you restore any of that in Part II Shareholder Debt Basis? Do you add that to li on Get your taxes done using TurboTax. September 13, 2024 10:19 AM