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Flow thru 'loss' from an s-corp

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Money Talk > Taxes

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camster39
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Flow thru 'loss' from an s-corp  Reply with quote  

I have a $6k loss for my s-corp from 2012 (I'm under extension and haven't filed anything yet).

My accountant told me that I cannot take the $6k as a loss on line 17 of my 1040. I can; however, use this loss to offset future profits in the company but the loss doesn't flow through to my 1040 and I can't take advantage of that on my personal return.

Over the past 15 years, I've added the income to box 17 of my personal return and now this is my first year with a loss. Why can't I show a negative figure in box 17?

What am I missing?
Post Thu Jun 27, 2013 6:10 pm
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clydewolf
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Re: Flow thru 'loss' from an s-corp  Reply with quote  

quote:
Originally posted by camster39
I have a $6k loss for my s-corp from 2012 (I'm under extension and haven't filed anything yet).

My accountant told me that I cannot take the $6k as a loss on line 17 of my 1040. I can; however, use this loss to offset future profits in the company but the loss doesn't flow through to my 1040 and I can't take advantage of that on my personal return.

Over the past 15 years, I've added the income to box 17 of my personal return and now this is my first year with a loss. Why can't I show a negative figure in box 17?

What am I missing?

Situations such as yours become complex and people posting on this and other forums do not have enough information to provide the exact answer. That is why you have an accountant.

You should ask your accountant. He has a much better understanding of your S Corp, and your role in the S Corp.
Post Fri Jun 28, 2013 11:31 pm
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