Amend for K-1 basis change?

[schirallicpa]

I like to think I have a dumb question on here at least once every 10-14 days this year. 

Amendments to returns for ERC for 2020 and 2021 change my 100% shareholder's basis carrying forward to 2022. It does not change his taxable income for 2022.  (I do have to amend his 2020 and 2021 personal income tax returns.)

Amend or not to amend......that is the question...........

 

[Lee B]

I would just adjust the basis worksheet. In Drake there lines for other increase and other decreases.

[DANRVAN]

On 8/11/2023 at 9:39 AM, cbslee said:

I would just adjust the basis worksheet. In Drake there lines for other increase and other decreases.

I agree. Go forward with correct numbers for 2022.

[mcb39]

I agree.  Amending doesn't affect the taxable outcome.  Make an adjustment for the basis going forward.  It's not as complicated as it seems.  I see basis changing often, but not percentage of ownership.  The percentage of ownership from the agreement is what determines the taxable income or loss.