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Business & farm
That would be what I recommend. However the facts are not clear on how to handle the other aspect of this disposition:
- Technically your basis cannot go negative.
- Based on bullet number 1, do you have suspended losses?
- If you do have suspended losses, you can only take the losses to the extent of your basis; effectively arriving at a zero basis. Anything remaining will be lost; no economic loss.
- If you don't have suspended losses you will need to pick up the "negative" basis amount as capital gain on Schedule D and the applicable form 8949.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
‎June 6, 2019
4:38 AM