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HenryLI
Level 1
September 1, 2024
Question

S Corp Debt Basis Restoration

  • September 1, 2024
  • 2 replies
  • 2 views

How do I enter debt basis restoration on a 2023 Lacerte S Corp return? 

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    2 replies

    K
    KarlIntuit Community Champion
    Intuit Community Champion
    October 1, 2024

    I would expect that it would happen automatically when the corporation has profits.  Debt basis gets restored first, before stock basis.  Did your client have a profit year, and are you not seeing debt basis restored on the 7203?

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    sjrcpa
    sjrcpa
    Level 15
    October 2, 2024

    You don't. It is computed at the shareholder level on their 1040.

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