I invested in a start-up company that failed, losing my entire investment. I deducted that loss in 2012. How long to I need to keep the record of that failed investment?
I invested in a start-up company that failed, losing my entire investment. I deducted that loss in 2012. How long to I need to keep the record of that failed investment?
Personally, I'd frame it and put it on the wall as a reminder not to do that again. (And yes, I have been there, done that.) But now that it's seven years later, you may feel better burning those records.
IRS says:
Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
I invested in a start-up company that failed, losing my entire investment. I deducted that loss in 2012. How long to I need to keep the record of that failed investment?
Personally, I'd frame it and put it on the wall as a reminder not to do that again. (And yes, I have been there, done that.) But now that it's seven years later, you may feel better burning those records.
IRS says:
Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
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