Form 7203 "other items to increase stock basis"

meridianmm
meridianmm Member Posts: 1 Newcomer
in Filing my taxes

I am a 20% owner of a small S Corp. When my father passed this year, my shares in the S Corp increased to 25%. I cannot find any way in FreeTaxUSA to fill in line 3m of Form 7203 "other items that increase stock basis." It only give me an option to show a reduction in my stock — not an increase. Where can I input this information?

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Answers

  • MatthewD
    MatthewD FreeTaxUSA Admin, FreeTaxUSA Agent Posts: 901 image
    edited February 18

    Hi Meridianmm,

    I am sorry, but this feature is not available in our software. When you file your Form 1120-S, you will need to let your accountant know while preparing the 1120-S and issuing the Schedule K-1 to report your increase in basis.

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