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#10
03-27-2008, 04:05 PM
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 Re: How to Claim Capital Loss from Debtor Chapter 11 Bankruptcy In article <0ba024f4-bbaf-44ad-b60e-5622006b3184[at]n58g2000hsf.googlegroups.com> , <lipingli800[at]gmail.com> wrote: - quote - > As I know the Debtor (XYZ company) was sued in several states for
I'll pay you a nickel for your interest. If you sell it to an> investment fraud. If the case is not close within 7 years, will my > right to a tax refund from my loss expire? unrelated party, you can take the loss immediately. Seth -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#9
03-25-2008, 06:15 PM
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| Re: How to Claim Capital Loss from Debtor Chapter 11 Bankruptcy <lipingli800[at]gmail.com> wrote: - quote - > As I know the Debtor (XYZ company) was sued in several states for
You evidently have never looked at the Publication 550 reference you were> investment fraud. If the case is not close within 7 years, will my > right to a tax refund from my loss expire? given days ago. Do so, and you'll find that the 7 years runs from when it's worthless, which is when the court says it is. -- Phil Marti Clarksburg, MD -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#8
03-25-2008, 06:15 PM
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| Re: How to Claim Capital Loss from Debtor Chapter 11 Bankruptcy In misc.taxes.moderated, lipingli800[at]gmail.com wrote: - quote - > So that means I can do nothing to recover my loss before the case
Maybe your broker or a friend will buy it from you for $1.> close? ! -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#7
03-25-2008, 05:44 PM
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| Re: How to Claim Capital Loss from Debtor Chapter 11 Bankruptcy On Mar 25, 6:18*am, "Phil Marti" <prm20...[at]verizon.net> wrote: - quote - > <lipingli...[at]gmail.com> wrote:
So that means I can do nothing to recover my loss before the case> *> The [notice from bankruptcy court]only requested proof of claim against > > the Debtor. > > Now all my investment is pennyless. > Not until the bankruptcy court says it is. *You may get nothing, you may get > less than a penny on the dollar, but until that's known your security isn't > worthless. > -- > Phil Marti > Clarksburg, MD > -- > << ------------------------------------------------------- > > << The foregoing was not intended or written to be used, * > > << nor can it used, for the purpose of avoiding penalties *> > << that may be imposed upon the taxpayer. * * * * * * * * *> > << * * * * * * * * * * * * * * * * * * * * * * * * * * * * > > << * The Charter and the Guidelines for submitting posts * > > << *to this newsgroup as well as our anti-spamming policy *> > << * * * * * * * * *are atwww.asktax.org. * * * * * * * * > > << * * * * Copyright (2007) - All rights reserved. * * * * > > << ------------------------------------------------------- > > Not until the bankruptcy court says it is. You may get nothing, you may get > less than a penny on the dollar, but until that's known your security isn't > worthless. close? ! As I know the Debtor (XYZ company) was sued in several states for investment fraud. If the case is not close within 7 years, will my right to a tax refund from my loss expire? ========================================= MODERATOR'S COMMENT: Please delete all unnecessary material from the prior message when responding. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#6
03-25-2008, 01:25 PM
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| Re: How to Claim Capital Loss from Debtor Chapter 11 Bankruptcy Phil Marti wrote: - quote - > <lipingli800[at]gmail.com> wrote:
investment is with a corporation or partnership - discharges> > The [notice from bankruptcy court]only requested proof of claim against > > the Debtor. > > > Now all my investment is pennyless. > Not until the bankruptcy court says it is. You may get nothing, you may get > less than a penny on the dollar, but until that's known your security isn't > worthless. But don't look for a bankruptcy "discharge" if your are issued only in personal Chapter 7 cases. You can follow the progress of the bankruptcy case through PACER - http://pacer.psc.uscourts.gov/ -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#5
03-25-2008, 09:18 AM
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| Re: How to Claim Capital Loss from Debtor Chapter 11 Bankruptcy <lipingli800[at]gmail.com> wrote: - quote - > The [notice from bankruptcy court]only requested proof of claim against
Not until the bankruptcy court says it is. You may get nothing, you may get> the Debtor. > Now all my investment is pennyless. less than a penny on the dollar, but until that's known your security isn't worthless. -- Phil Marti Clarksburg, MD -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#4
03-25-2008, 04:21 AM
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| Re: How to Claim Capital Loss from Debtor Chapter 11 Bankruptcy On Mar 24, 3:54*pm, "Phil Marti" <prm20...[at]verizon.net> wrote: - quote - > "rlsuse...[at]NOSPAMPUHLEEZschnapp.org" <NoSuchPer...[at]bigfoot.com> wrote:
the Debtor.> > Can he sell his interest to someone for a nominal price, and take the loss > > in 2008? > Sure, as long as it's not a class of buyer that would disqualify the loss. > See Publication 550. > -- > Phil Marti > Clarksburg, MD > -- > << ------------------------------------------------------- > > << The foregoing was not intended or written to be used, * > > << nor can it used, for the purpose of avoiding penalties *> > << that may be imposed upon the taxpayer. * * * * * * * * *> > << * * * * * * * * * * * * * * * * * * * * * * * * * * * * > > << * The Charter and the Guidelines for submitting posts * > > << *to this newsgroup as well as our anti-spamming policy *> > << * * * * * * * * *are atwww.asktax.org. * * * * * * * * > > << * * * * Copyright (2007) - All rights reserved. * * * * > > << ------------------------------------------------------- > Which said > The court letter only requested proof of claim against Now all my investment is pennyless. Although the court process is not settled yet, may I claim INVESTMENT THEFT based on IRS code 165 (c) (2)? Thanks. ========================================= MODERATOR'S COMMENT: Please trim all text not required for this message -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#3
03-24-2008, 06:54 PM
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| Re: How to Claim Capital Loss from Debtor Chapter 11 Bankruptcy "rlsusenet[at]NOSPAMPUHLEEZschnapp.org" <NoSuchPerson[at]bigfoot.com> wrote: - quote - > Can he sell his interest to someone for a nominal price, and take the loss
Sure, as long as it's not a class of buyer that would disqualify the loss.> in 2008? See Publication 550. -- Phil Marti Clarksburg, MD -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#2
03-24-2008, 06:41 PM
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| Re: How to Claim Capital Loss from Debtor Chapter 11 Bankruptcy "rlsusenet[at]NOSPAMPUHLEEZschnapp.org" <NoSuchPerson[at]bigfoot.com> wrote: - quote - > Can he sell his interest to someone for a nominal price, and take the loss
Sure, as long as it's not a class of buyer that would disqualify the loss.> in 2008? See Publication 550. -- Phil Marti Clarksburg, MD -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#1
03-24-2008, 04:30 PM
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| Re: How to Claim Capital Loss from Debtor Chapter 11 Bankruptcy Phil Marti wrote: - quote - > <lipingli800[at]gmail.com> wrote:
Can he sell his interest to someone for a nominal price, and take the> > I invested XYZ company's note. On 1/21/05 XYZ company filed chapter 11 > > bankruptcy, it converted to chapter 7 bankruptcy on 5/17/05. Since > > then I have not receive any capital loss statement except a notice > > from a State branch of United States Bankruptcy Court. > Which said ....? > > It has been more than 3 years since XYZ filed bankruptcy. My question > > is > > 1. How can I claim the capital loss with my tax return? > You can't until your asset is worthless. That will been when the debtor has > been "discharged" from bankruptcy and you've been told how much you're > getting from the payout. > > 2. Will my right to a tax refund from my loss as an investor in XYZ > > company's note expire on April 15, 2008? > No. You show the loss on your return for the year it becomes worthless, and > the time for doing so in an amended return is extended to 7 years. See page > 37 of IRS Publication 550. loss in 2008? -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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03-24-2008, 02:37 AM
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| Re: How to Claim Capital Loss from Debtor Chapter 11 Bankruptcy <lipingli800[at]gmail.com> wrote: - quote - > I invested XYZ company's note. On 1/21/05 XYZ company filed chapter 11
Which said ....?> bankruptcy, it converted to chapter 7 bankruptcy on 5/17/05. Since > then I have not receive any capital loss statement except a notice > from a State branch of United States Bankruptcy Court. - quote - > It has been more than 3 years since XYZ filed bankruptcy. My question
You can't until your asset is worthless. That will been when the debtor has> is > 1. How can I claim the capital loss with my tax return? been "discharged" from bankruptcy and you've been told how much you're getting from the payout. - quote - > 2. Will my right to a tax refund from my loss as an investor in XYZ
No. You show the loss on your return for the year it becomes worthless, and> company's note expire on April 15, 2008? the time for doing so in an amended return is extended to 7 years. See page 37 of IRS Publication 550. -- Phil Marti Clarksburg, MD -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
03-24-2008, 12:38 AM
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| How to Claim Capital Loss from Debtor Chapter 11 Bankruptcy I invested XYZ company's note. On 1/21/05 XYZ company filed chapter 11 bankruptcy, it converted to chapter 7 bankruptcy on 5/17/05. Since then I have not receive any capital loss statement except a notice from a State branch of United States Bankruptcy Court. It has been more than 3 years since XYZ filed bankruptcy. My question is 1. How can I claim the capital loss with my tax return? 2. Will my right to a tax refund from my loss as an investor in XYZ company's note expire on April 15, 2008? Any suggestion is appreciated. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| bankruptcy, capital, chapter, claim, debtor, loss |
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