Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-25-2009, 10:53 AM
Junior Member
 
Join Date: Mar 2009
Posts: 2
Investment loss...stuck, don't know where to enter.

Hello TaxGuru,

I have a situation I'm not 100% sure what/how to do it. I am using TurboTax to do my taxes this year 2008.

In 2006, I invested $3,500 and bought 200 shares (1%) of a S Corporation company -- private stock ownership. In the last two years, I have received 2 Schedule K-1 and I have entered them on my tax return for 2006, 2007. This year 2008, the company went out of business -- I do not get a Schedule K-1 document. I did get a copy of the 1040S which the company reported to the IRS as having $0 (zero) income, noting that the company went out of business.

I don't know how to enter or report this information on my 1040. I wanted to claim loss/credit to the fair value of my investment. Can you explain to me what my options or best approach for this? any links, documentation I should consult?

Thanks.

~shawn



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-25-2009, 01:40 PM
Junior Member
 
Join Date: Mar 2009
Posts: 3
Use Schedule D. This is, naturally, a long-term capital loss.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 03-25-2009, 02:02 PM
Junior Member
 
Join Date: Mar 2009
Posts: 2
Wink Thank You! Tax Attorney

Quote:
Originally Posted by tax attorney View Post
Use Schedule D. This is, naturally, a long-term capital loss.

Yeah, i read a bunch of things and it points to everywhere. Thanks for your help I will now go search for schedule D.

~shawn



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
What Every Parent Should Know about Child’s Investment Income Samatg Income 2 01-22-2013 10:26 PM
Can anybody please suggest an investment strategy for this market? nilbos Investment Strategy 1 07-20-2008 02:42 PM
What are Tax-Efficient Investment Strategies? Andreas Investment Strategy 1 07-31-2007 05:03 PM
Are Annuities a good investment? TaxGuru Investment Strategy 0 07-25-2007 02:57 AM
Tax Rates for a Child's Investment Income Samatg General 0 02-21-2007 07:40 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning