S-Corp Loss

[bfgusainc]

This is my client's situation:

1. W2 Income $45,000
2. K1 $60,000 profit.
3. K1 $120,000 loss.

MFJ with 2 Children.

$15,000 loss he is not benefiting this year.

Can I carrie forward this loss for next year?

[ChEAr$]

Question

This is my client's situation:

1. W2 Income $45,000
2. K1 $60,000 profit.
3. K1 $120,000 loss.

MFJ with 2 Children.

$15,000 loss he is not benefiting this year.

Can I carrie forward this loss for next year?

re #3 above, are you sure he has sufficient basis for taking the loss?
Basis for a K1 from a partnership might be different than basis from an S corp.