How to Complete IRS Form 7203 - S Corporation Shareholder Basis

IRS Form 7203 was added in 2021 to adequately track an S corporation shareholders' stock and debt basis.

Shareholders are only allowed to deduct losses to the extent they have basis, which is why tracking the balances on a yearly basis is so important.

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DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.