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scorp k1 loss (non passive)

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    scorp k1 loss (non passive)

    In a prior year shareholder received a K1 with a large loss that he was not able to take on his personal return.(only took partial) Can he carry this forward? He is active sole shareholder.

    #2
    Originally posted by JT2307 View Post
    a K1 with a large loss that he was not able to take on his personal return.(only took partial)
    Why was he not able to take it? Basis limitations?

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      #3
      Basis

      Yes he did not have enough basis - now he has more than enough and I would like to utilize.

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        #4
        Yes, now that he has Basis the losses can be used.

        Be aware they are reported separately, so you will need to figure out how your software does that.

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          #5
          Thank you I thought I was correct but everything I kept reading referred me for to passive losses.

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