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Can I file a loss on LINEQ, LINN Energy which filed

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Can I file a...

Can I file a loss on LINEQ, LINN Energy which filed bankruptcy? On 1099 from 2016 listed the losses and stated merger under the losses. Can not initiate a loss on a sale as purchased over time thru TD Ameritrade and is now listed as a escrow account after doing a Voluntary Exchange Offer.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

On 2017 form 1099 had no mention of this stock but like stated was on 2016. Have been doing the free Turbo Tax and want to make sure of what and how to do to offset some capital gains.

Submitted: 1 month ago.Category: Tax
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Answered in 39 minutes by:
3/21/2018
Tax Professional: Lev, Tax Advisor replied 1 month ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,689
Experience: Taxes, Immigration, Labor Relations
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Confirmed January 27, 2017 with an effective date of February 28, 2017.

http://www.linnenergy.com/restructuring/

Your shares became worthless on February 28, 2017.

You may want to print supporting documents and keep for your reference with other tax related documents.

Do not send to the IRS with your tax return.

You are allowed to report loss on worthless securities on your 2017 tax return.

You are allowed to use these losses to offset other capital gains.

Let me know if you need any help with reporting.

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Tax Professional: Lev, Tax Advisor replied 26 days ago

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If you still have any doubts, need clarification - please be sure to ask.

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