Marie Posted February 23, 2020 Report Share Posted February 23, 2020 S corp farm sells part of the land it owns. How is basis figured. S corp basis, or each individual shareholder's basis. (just land, no depreciation recapture) So is basis figured on the scorp's 8949, or is the total sale reported and each shareholder figures his cost? Quote Link to comment Share on other sites More sharing options...
grandmabee Posted February 23, 2020 Report Share Posted February 23, 2020 if the S-corp owns the land the sale is reported on the 1120-S. basis is what is on the balance sheet of the Corp. it will flow thru to the K-1's Quote Link to comment Share on other sites More sharing options...
Marie Posted February 24, 2020 Author Report Share Posted February 24, 2020 OK, GOOD, THANK YOU Quote Link to comment Share on other sites More sharing options...
mircpa Posted February 24, 2020 Report Share Posted February 24, 2020 On form 4562 go with asset entry route pick sales input sales amount it automatically takes care from there flows through wherever it is required. Quote Link to comment Share on other sites More sharing options...
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