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Stephen G.
Stephen G., Financial Advisor
Category: Capital Gains and Losses
Satisfied Customers: 7195
Experience:  Senior Tax Expert; CPA/PFS(retired)Personal Financial Planner; Small Business & Professional Mergers & Acquisitions
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I am asking about the forms I should fill out to take a

Customer Question

I am asking about the forms I should fill out to take a capital loss for a single oil well I have invested in. The well produced oil and natural gas for several years, but is now shut-in. The gas lines connecting the well stopped working and the production firm has apparently gone bankrupt - doesn't respond to e-mail and the phone in disconnected. So I will not get any further documents from the company. The forms I have gotten in the past are 1099-MISC providing revenues and drilling, completion and operating expenses. My contract describes my having a "fractional undivided working interest" in the well. A few pages from the prospectus, contract and a 1099 from 2014 are attached.
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  Stephen G. replied 1 year ago.
All you can do now is to report the loss on Form 8949 showing no proceeds and using the balance of your capital account as of the last information/activity as the cost basis to show the capital loss.
Expert:  Stephen G. replied 1 year ago.
Just Checking in....................Do you have any follow-up questions?If not, please remember to rate my response as that is the only way we receive credit for our work.Steve G.