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Join nowHello all,
I have been running my S-Corp (just me and my wife, I am 100% owner) since 2009.
I did not invest any money when I started, I did loan to business one time (40k in 2017), and business paid the loan back. All years have been profitable, this is the first year I had a loss to report. Turbotax is asking for Stock basis on form 7203, and the instructions seem all alien to me...
Does Quickbooks (Desktop + Payroll) have some functionality to calculate my Stock Basis?
Hi there, ckat11.
We're unable to provide such calculations in QBDT Payroll. However, you may check reports like your balance sheet or inventory reports. I also recommend checking with your accountant, so they can help you with the calculation. You can find a ProAdvisor near you.
On the other hand, I found this article on the IRS website: S Corporation Stock and Debt Basis. You might need it.
If you have other questions in mind, feel free to go back to this thread.
The loan is irrelevant for computing your stock basis. If you have your previously issued K-1s, that will help.
Here is a great explanation by the IRS on how to calculate S-corp stock basis:
https://www.irs.gov/businesses/small-businesses-self-employed/s-corporation-stock-and-debt-basis
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