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M
msindc1
Level 5
August 2, 2022
Question

Negative Capital?

  • August 2, 2022
  • 1 reply
  • 10 views

Folks:

Client provided me with a K1 showing a negative beginning capital account.  Lacerte won't let me enter a negative number--presumably because there can't be negative capital?  Client has sent me his 2019 K1 showing a positive beginning capital account with a large loss that put the capital negative.  But what do I do with this?!

Micah

This topic has been closed for replies.

1 reply

sjrcpa
sjrcpa
Level 15
August 2, 2022

Are you working on a 1040?

Where do you think you would enter negative capital?

Capital accounts can be negative. Basis cannot be negative.

The more I know the more I don’t know.
    M
    msindc1Author
    Level 5
    August 2, 2022

    Yep--I am entering it in adjusted basis for a 1040.

    sjrcpa
    sjrcpa
    Level 15
    August 2, 2022

    Basis does not equal capital

    The more I know the more I don’t know.
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