I still have basis after the final k-1. Do I report a loss and how do I report it? Also, how do I handle reporting it when the basis for state is different than the federal basis? Thanks
S Corp closed during 2025. Do I report loss?
byu/Working_On_Tax_Stuff intax
Posted by Working_On_Tax_Stuff
1 Comment
Explain how you would still have basis after your corporation liquidated? Did you inherit the shares? Have you reported previous distributions in excess of basis?
Without out clear understanding of why you would have basis after a liquidation, its far more likely you just have bad bookkeeping.