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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.
