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General Motors was our primary retirement stock. We've been
General Motors was our primary retirement stock. We've been told we cannot deduct losses until everything is settled. Now I cannot reach the settlement company - mlcguctrust. Can we start deducting ou… read more
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Lev
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As an accredited investor I invested into Secure Promissory
As an accredited investor I invested into Secure Promissory Note of a public company. Now, the company is almost insolvent and is not paying interest on the note since 2015. The value of the note is c… read more
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IRS Tax Question: When exactly is a stock "worthless"? Can
IRS Tax Question: When exactly is a stock "worthless"? Can you please provide the IRS definition and give good examples?… read more
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Assuming that all securities listed become worthless during
Assuming that all securities listed become worthless during the year, which ones produce the most benefit to an individual investing in the corporation during the year of worthlessness?A bond with a b… read more
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I am the sole shareholder in a C Corp that has carry forward
i am the sole shareholder in a C Corp that has carry forward losses. my last corp tax filing was thru june 30, 2017 although operations ceased Dec 31, 2016. can these losses be applied to my personal … read more
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Sure.. it's a one though, My former company was sold and I
My former company was sold and I received a transaction bonus of $1MM ($700K stock, $300K cash). The "par" value of the stock was only $95k but I had to pay taxes on the 700k and so most of the cash was used to pay taxes on the stock which today is close to worthless. So. . . wanting to understand when/if/how I can write it off as a loss. … read more
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My father in law (age 98) owns a muni that is apparently un
My father in law (age 98) owns a muni that is apparently un tradeable, namely NW MN HSG/RDA MUL 7.5%41 HSG MULT DUE 07/01/41 , cusip 667579CA2. It pays a small amount of interest each year and Schwab … read more
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A C-corp has five loans. Debtor A owes 60% of the C-corp and
A C-corp has five loans. Debtee A owns 60% of the C-corp and has loaned it 90,000 dollars. Debtee B owns 40% of the C-corp and has loaned it 115,000. Debtee C is a S-corp solely owned by Debtee A who … read more
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I own a Mexican corporate bond that is now in default. Until
I own a Mexican corporate bond that is now in default. Until they defaulted I could purchase and sell them through my U.S. brokerage account, Fidelity. Now when I request to sell them through Fidelity… read more
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In 2008, I invested $5000 in a company and was issued restricted
In 2008, I invested $5000 in a company and was issued restricted stock. It's now almost worthless and my broker will charge me $300 to sell it. I'm wondering what my options are. Can I take this as a … read more
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I have shares of a company that is listed on the stock exchange
I have shares of a company that is listed on the stock exchange for less than a penny per share. The company has disappeared. we can't find anyone related to the company. But, the IRS says that the sh… read more
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I had loss carryforward from a C Corporation. Can I use these
I had loss carryforward from a C Corporation. Can I use these losses on my personal taxes if the losses are 6 years old?… read more
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if i purchase bonds that are trading at a discount (implying
if i purchase bonds that are trading at a discount (implying a potential chance of bankruptcy), does the interest accrued thru the chapter 11 filing that never gets paid, add to my cost basis when i e… read more
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Mary and I are US citizens living in US owning a Canadian corporation
My business partner and I are US citizens living in the US. We own a Canadian corporation which lost $900,000 in the past two years. Can this loss offset our US income tax?… read more
BK-CPA
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Invested 50,000 dllrs in two senior debit notes RGM and BGM issued
Invested 50,000 dllrs in two senior debit notes RGM and BGM issued by GM. GM declared bankrupcy 5/09. How do I declare this notes worthless and take the tax loss for this year 09? Neither broker nor a… read more
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When do I declare a cap. loss for an asset that is currently
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Lev
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My company filed Chapter 11, and it is quite certain that it
My company filed Chapter 11, and it is quite certain that it will go private and the public shares will be worthless. In fact they are worth fractions of a cent now. I have stock and would like to sho… read more
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I have some stocks that are basicly worthless, can I take ...
I have some stocks that are basicly worthless, can I take the loss on them without selling them or the companies going filing for backruptcy?… read more
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