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Level 1
March 20, 2023
Question

If taxpayer has 5 S Corps with losses, should I include all losses on individual tax returns which would result in a large negative taxable income?

  • March 20, 2023
  • 1 reply
  • 7 views
Or could only losses be used to reduced taxable income to zero?
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1 reply

dascpa
Level 11
March 20, 2023

Are you aware of S corp loss issues (basis, passive versus active, etc.) as well as NOL's and other tax issues?  Make sure you're qualified to handle this tax return or else you could run into "preparer issues".