The following dates and amounts are fictitious but analogous to my situation:
In 2019, I exercised stock options for Company X, but did not sell the stock.
200 shares with exercise price of $1.00 and fair market value of $11.00
This represented $2000 in capital gains for AMT purposes and I paid $400 in AMT capital gains.
Because I have not fallen into AMT since 2019, I have been eligible to recover $100 of the AMT capital gains paid in 2019 over the last four years.
In 2024, Company X declared bankruptcy making the stock worthless. I am looking to take a worthless stock deduction.
Is my tax basis on those shares $11.00 (the price at which I paid capital gains in 2019) or $1.00 (the exercise price)?
Given these shares are for a private company and I have received no forms from any brokerage, how do I enter this in TurboTax?