cpabsd Posted February 15, 2023 Report Share Posted February 15, 2023 Does anyone have a spreadsheet they would share that calculates the amount of loan basis restoration for debt basis that has been reduced in prior years? I'm trying to follow my program ( ATX) but cannot determine how it is being calculated. A worksheet showing the details would be helpful... especially as I know the client will want an explanation. Any help or sites would be appreciated. Quote Link to comment Share on other sites More sharing options...
jklcpa Posted February 16, 2023 Report Share Posted February 16, 2023 Were any loan repayments made before basis was restored? Quote Link to comment Share on other sites More sharing options...
cpabsd Posted February 16, 2023 Author Report Share Posted February 16, 2023 yes, some loan payments have been made. At minimum, interest has been paid as well. Basis is restored each year as the business shows profit. I'm just trying to plan in advance and the figure out how the basis is restored.... plans to pay considerably more for 2023 in the form of loan payments. Quote Link to comment Share on other sites More sharing options...
jklcpa Posted February 17, 2023 Report Share Posted February 17, 2023 Start with my post from this topic back in 2019. It has a link to a JoA article that also may help. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.