THE 1099 C DEFENSE

1099 C NOTICE – This is important information and being furnished to the IRS .

If you are required to file a return a negligence penalty or other sanction may be imposed on you if taxable income results from this transaction and the IRS determines it has not been reported

Now we attack the foreclosure

If you own stock  (ATM LLC) that became worthless last year. Is this a bad debt? How do I report my loss?

Answer: If you own securities, including stocks, and they become totally worthless, you have a capital loss but not a deduction for bad debt. Worthless securities also include securities that you abandon. To abandon a security, you must permanently surrender and relinquish all rights in the security and receive no consideration in exchange for it.

Treat worthless securities as though they were capital assets sold or exchanged on the last day of the tax year. You must determine the holding period to determine if the capital loss is short term (one year or less) or long term (more than one year).
Report worthless securities on Form 8949, Part I or Part II, whichever applies. Indicate as a worthless security deduction by writing Worthless in the applicable column of Form 8949.

Additional Information:
– Tax Topic 453 – Bad Debt Deduction
– Publication 550, Investment Income and Expenses (Including Capital Gains and Losses)
Subcategory:
– Losses (Homes, Stocks, Other Property)
– Category:
– Capital Gains, Losses, and Sale of Home

See the IRS website for more information

It’s a tax matter issue for God’s sake

registerclaims@live.com

 

 

Manage
Like · Reply · 1m

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s