Accounting, Payroll & Pension Issues/Carry forward loss for S corp

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Question
My ex did not transfer all shares of our corp to me as supposed to.  Each year because of this I've had to K1 half the loss to him.  Doesnt this carry forward?  Will it affect my taxes in the future showing a profit?
Thanks!

Answer
This is not a forum for tax advice. There are other forums on this Web site for tax and legal questions.

With that said, if S Corp losses are used they should be to be carried over subject to various tax rules, if not on your personal returns, then carried over within the S Corp.

I strongly suggest you talk to an attorney knowledgeable about such matter; also please talk to whoever is preparing your tax returns, if you are not doing them yourself.

Accounting, Payroll & Pension Issues

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Arthur Naman

Expertise

General accounting and bookkeeping questions. Specific questions pertaining to: monthly bookkeeping, preparing financial reports; reconciling accounts.

I cannot answer questions pertaining to pension or retirement planning.

This is not a forum to have homework answered. Please do your own homework.

Experience

30 years' experience doing tax and accounting work

Education/Credentials
MPA from Univ. of Texas at Austin, MBA Golden Gate Univ, San Francisco CA

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