Long Island Tax Pro
Level 1
06-14-2020
10:26 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Client invested $160K in a startup that was closed mid 2019.
All investment is doomed. I see that 1244 stock needs to be reported on form 4797 line 10, but I cannot figure how to enter the information to the form.
Anyone with specific instructions on how to "flow" the data to the 4797?
Do I start on Sch D and then make a selection?
The idea is that 1244 stock is allowing $100K (MFJ) / $50K (single) deduction in the year of loss versus a $3,000 capital loss. So it is a huge difference.
Instructions or link to instructions are appreciated.
Labels