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Business & farm
OK - you can't have a loss in excess of your basis and it looks like your basis would be the $150k you paid for the business. Unless you bought inventory and depreciable property.....I mean assuming you bought just something like a service business.....you would have a capital loss of whatever you paid LESS any liabilities the "buyer" is assuming. Those obligations you're being relieved of will reduce your loss.
‎September 2, 2021
4:44 PM