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Michelle101697
Level 2
August 18, 2022
Question

I have an LLC that has ownership in another LLC. It has a negative basis in that LLC. Where do I limit the loss allowed in the tax software just for that K-1?

  • August 18, 2022
  • 1 reply
  • 6 views
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1 reply

sjrcpa
sjrcpa
Level 15
August 18, 2022

There is no such thing as negative basis.

There can be a negative capital account.

Enter only the allowable loss and note in your file the amount to carryover for when there is basis.

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