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Basis is the amount of investment in property for tax purposes. The adjusted shareholder basis will be used to figure gain or loss on the sale or disposition of shares. 

To help track basis, there is a worksheet within the TaxAct program that can be used to calculate the adjusted basis. This worksheet can be kept with your yearly tax records so you can easily determine the adjusted basis when selling or disposing of your shares.

To navigate to the Worksheet for Figuring a Shareholder's Stock Basis:

  1. Sign in to your TaxAct Online return
  2. Click Tools on the left side of the screen to expand the category, then click Forms Assistant
  3. Expand the Federal folder and then expand the Worksheets folder
  4. Scroll down to the worksheet Schedule K-1 - Shareholder's Basis Worksheet 
  5. Select the specific Shareholder Stock Basis Worksheet needed by clicking the Form icon
  1. Start your TaxAct Desktop program
  2. Click the Forms button in the top left corner
  3. Expand the Federal folder and then expand the Worksheets folder
  4. Scroll down to the worksheet Schedule K-1 - Shareholder Basis - Shareholder's Basis Worksheet
  5. Select the specific Shareholder Stock Basis Worksheet needed

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