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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- writing off losses of a bankrupt company
writing off losses of a bankrupt company
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gabjo00
Level 3
03-26-2024
06:33 PM
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My client was holding stock of a company that went bankrupt and is de-listed. He showed me something he found online that says in this situation, the loss is not limited to $3K p/yr but can be entirely written off in the year it becomes completely worthless. I did some research and I think he might be correct but I don't know how to do show this in proseries and also is he correct because its the first time I have this situation.
Please help.
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TaxGuyBill
Level 15
03-26-2024
07:08 PM
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After a bit of Googling, as far as I can tell, it is still subject to the $3000 limit UNLESS it qualified as Section 1244 Stock. If it was "listed" on an Exchange, I would guess it does not qualify as 1244.
