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lboydjdd
lboydjdd
Level 2
December 15, 2020
Question

Bonus Depreciation and Shareholder Basis for an S-Corp

  • December 15, 2020
  • 3 replies
  • 20 views

Need help.  Is a loss caused by bonus depreciation allowed to the shareholder even if they have no stock basis?  I am viewing the basis schedule in Lacerte and the K-1 and it is showing the losses/deductions in excess of basis as suspended.  If I import the k-1 into the shareholder's return, it is allowing the loss.  Is this correct?  

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3 replies

IRonMaN
IRonMaN
Level 15
December 15, 2020

No basis = no deduction for loss.

Slava Ukraini!
    T
    Terry53029Intuit Community Champion
    Intuit Community Champion
    December 15, 2020

    As ironman said "no basis no loss" When you say it is allowing the loss, do you mean it is on the K1 issued to shareholder, if so that is correct. It is up to you to only allow loss up to basis on shareholder's 1040  K1

      qbteachmt
      qbteachmt
      Level 15
      December 15, 2020

      I found this article for you:

      https://proconnect.intuit.com/community/schedule-k-1/help/basis-limitation-frequently-asked-questions/01/4815#M4270

       

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