Create a basis report in minutes for $19.95
You enter the values. We do the math.
Your Instant Online Basis Report Generator
Simple. Fast. Accurate. Economical. Proactive.
Basis represents the amount of after tax money you used to acquire an asset.
BasisCalc calculates your basis using values from your Schedule K-1. BasisCalc then creates a Shareholder Basis Statement that's printable to a PDF file. Attach the PDF to your electronically filed tax return and you're done! Simple.
Basis is more complicated to calculate than ever. The IRS is requiring more basis statements than ever.
With BasisCalc you just enter data and out pops a tax return ready report. Who has the time to calculate basis by hand?
BasisCalc was created by a very experienced tax accountant (EA). All that real-world expertise and practical wisdom was poured into BasisCalc to make it the best basis report creation experience possible. Try BasisCalc now.
$19.95 / basis report
✓ Pricing is simple: we have an everyday low price of $19.95 per report.
✓ Creating a report can take as little as 5 minutes.
✓ Print a PDF of any report and download it for later use.
✓ Change reports as often as you wish.
✓ Your data is kept safe using Amazon's secure cloud technology.
✓ Not everything needed to calculate basis is on the K-1. We ask for all necessary extra information. Best of all? We tell you where to find it—which is half the battle.
✓ We created a custom designed basis report format that's easier to understand. It highlights how the calculations were made. We hope you'll like it.
✓ Reports are kept for a year or as long as you keep creating reports with us each new year. Yet you can delete your data at any time.
✓ A huge advantage of using BasisCalc every year is we carry forward data from prior years making the creation of new basis reports a no-brainer.
✓ We even automatically allocate suspended losses from year to year. Do you know of any other software that does that?
As a shareholder, you are responsible for tracking your own basis, but it’s a complicated calculation most shareholders don’t know how to perform. And most shareholders don’t understand how basis impacts taxable income.
The result is many S shareholders have been taking a deduction for disallowed losses. The IRS is taking notice and is taking steps to make sure only allowed losses are included on shareholders’ returns.
Starting with 2018 tax returns, S corporation shareholders who are claiming a deduction for pass-through losses, must attach a statement to their return which shows the computation the adjusted basis of corporate stock and any debt owed to the shareholder by the S corporation.
This is where BasisCalc comes in.
Learn more in Why you need BasisCalc?
Need to see examples?
Here's an example basis form.And here are several example basis reports showing different real-life scenarios you may encounter:
- Example 1. This example shows losses that exceed basis, so the losses must be reduced on the tax return.
- Example 2. This example shows when there's a suspended loss in a prior year that can be entirely deducted on the current year's tax return.
- Example 3. The is the most complicated example. It has taxable distributions, taxable loan repayments, and suspended losses that must be reflected on a tax return.
- Example 4. This example shows the next year's basis report when the taxpayer has suspended losses in the prior year, but only a portion can be deducted on the current year's return.
These are perfect examples of basis reports that need to be attached to a tax return. You know you need to attach a basis report when you have current year losses or you're deducting suspended losses from a prior year. That's why you need to run a basis report every year. It tells you when a basis report must be attached to your tax return. It also tells you when you have unexpected taxable distributions or loan repayments.
- Don't understand basis? Teach yourself all about What is Basis? Then learn What is a K-1? and What is an S-Corp?
- You've created your basis statement. Now what do I do with it? Great tips on adding basis statements to various accounting packages and tax forms.
- BasisCalc handles most basis calculations, but not every case. Learn about the limitations of BasisCalc.