Discussion:Loan to S Corp, not from SH
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| Revision as of 12:53, 19 February 2008 Djkent01 (Talk | contribs) (If she is a shar) ← Previous diff |
Revision as of 13:07, 19 February 2008 TxSrv (Talk | contribs) (How can he make) Next diff → |
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| {{ForumReplyPost|UserID=Djkent01|Date=19 February 2008|Text=If she is a shareholder and loaned money to the S-Corp - then she has basis to take a loss. However, to claim it for her, you're going to have to file the 1120S, issue the K-1's, and then amend her personal returns. I have no direct experience with this, but it may throw up a red flag.}} | {{ForumReplyPost|UserID=Djkent01|Date=19 February 2008|Text=If she is a shareholder and loaned money to the S-Corp - then she has basis to take a loss. However, to claim it for her, you're going to have to file the 1120S, issue the K-1's, and then amend her personal returns. I have no direct experience with this, but it may throw up a red flag.}} | ||
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| + | {{ForumReplyPost|UserID=TxSrv|Date=19 February 2008|Text=How can he make her a S/H after the fact? Ooops, simply via tax evasion...disregard my question. ;-)}} | ||
Revision as of 13:07, 19 February 2008
Discussion Forum Index --> Basic Tax Questions --> Loan to S Corp, not from SH
Discussion Forum Index --> Tax Questions --> Loan to S Corp, not from SH
| 19 February 2008 | |
| Client loaned her brother money to start S Corp business in 2006. She is probably not a SH, but since he's never filed taxes, I suppose he could make her one if he ever gets around to filing. Business went bankrupt in 2007. Is there any way that she can take this loss (short of having brother file 2 years of taxes, and send her a K1)?
And oh, I guess this qualifies as an urban legend - "I didn't make any money in 2006, 2007, so I didn't file". | |
| 19 February 2008 | |
| If she is a shareholder and loaned money to the S-Corp - then she has basis to take a loss. However, to claim it for her, you're going to have to file the 1120S, issue the K-1's, and then amend her personal returns. I have no direct experience with this, but it may throw up a red flag. | |
| 19 February 2008 | |
| How can he make her a S/H after the fact? Ooops, simply via tax evasion...disregard my question. ;-) | |
