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B
Babak
Level 5
April 17, 2023
Question

Entering business loss from Canadian company in US personal taxes

  • April 17, 2023
  • 1 reply
  • 7 views

My client owns a business in Canada and filed canadian business taxes for it with 50,000 in loss. Can I claim that loss in his US personal taxes? and if yes, where should I enter the number? 

Thanks

This topic has been closed for replies.

1 reply

sjrcpa
sjrcpa
Level 15
April 17, 2023

Is the business a corporation in Canada?

The more I know the more I don’t know.
B
BabakAuthor
Level 5
April 17, 2023

Yes it is.

sjrcpa
sjrcpa
Level 15
April 17, 2023

Then no loss goes on your client's personal return, same as if this was a US Corporation.

But, client probably needs to file 5471, FBAR and maybe 8938.

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