Related Posts
Do married man have rights to fine Date😉😉
Additional Posts in Tax Bowl
DM me for referrals!
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
Do married man have rights to fine Date😉😉
DM me for referrals!
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Download the Fishbowl app to unlock all discussions on Fishbowl.
Copy and paste embed code on your site

Scan your QR code to download
Fishbowl app on your mobile

My understanding is there are two approaches.
You could take the loss/remaining loss now if you reasonably expect it to be a total loss. If you do get future proceeds they would be ordinary income.
Alternately, you could wait and each year you receive a payment take that payment over your claim amount and treat it like you sold that percentage of your holdings. This is better from a character perspective but you may end up waiting years to take the remaining losses.
I think option 2 is technically the correct method
just sell it to unrelated party for $1 , much easier than proving out a worthless investment