Skip to main content
March 15, 2023
Question

My s-corp didn't have any income nor expenses, but got SBA loan in 2020 ,interest was $1000 , that will be loss on 2022 1120 income taxes , will that loss go to my 1040

  • March 15, 2023
  • 2 replies
  • 0 views
No text available

2 replies

AliciaP1
March 15, 2023

Yes, the loss will be reported on your Schedule K-1 from the Form 1120S.  You will then enter it for your Form 1040 personal return.  You may or may not be able to claim the loss this year based on other limitations and income you report, but it will carryforward if you can't take it this year.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 15, 2023

YOU MAKE AN INCONSISTENT STATEMENT

"My s-corp didn't have any income nor expenses, but got SBA loan in 2020 ,interest was $1000 , 

also the loan was in 2020 so what period is the interest for, and when was it paid?

if the S-corp uses the cash basis it is an expense in the year paid. you have not provided enough info for us to determine if that interest needs t be capitalized in whole or in part. what were the proceeds used for?