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Investors & landlords
what type of entity was the startup? if a partnership or S-Corp you should have been getting a k-1 each year which likely would report ordinary losses reducing your taxable income and hence basis. Only with a C-Corp would you be entitled to a capital loss in the year it went bankrupt. For a partnership or S-Corp it's likely the losses wiped out your basis so there is no capital loss to report.
ā€ˇFebruary 13, 2021
10:42 AM