MiLeenaLee t1_jefq4qc wrote on March 31, 2023 at 6:00 PM

Did you report it in 2018?

If you claim a 20k stock loss without a 1099-B you will get audited. So just make sure you have all your documentation.

nsharma2 OP t1_jefqhnr wrote on March 31, 2023 at 6:02 PM

I didn't report anything back in 2018, just cut the company a check for the 20k.

A few months back got an email saying the company had been sold, but not enough to pay off even the debts, so there is nothing left for shareholders.

That being said, it looks like the sale was finalized in early 2023, so that means I shoudl wait until next year's tax returns to report right?

MiLeenaLee t1_jefquo7 wrote on March 31, 2023 at 6:05 PM

Yeah and sorry I misunderstood...I thought you were saying something else.

So, it wasn't a publicly traded company? Did you ever get a K1?

And yes, you have a year to figure it out... Lol

nsharma2 OP t1_jefr54i wrote on March 31, 2023 at 6:07 PM

Nope, not publicly traded, only got to Series D and then got acquired for peanuts.

K1? I have no idea what that is. Should I try to find this?

MiLeenaLee t1_jefrq0o wrote on March 31, 2023 at 6:11 PM

K1 shows partnership income, if you invest in a business, you own part of it.

I'd be really careful claiming that loss and definitely talk to a professional. (I am one but I would need to see everything you have to make sure I'm understanding correctly)