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Author Topic: Tax Help for Newbie
Nim
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I purchased stock from my former company (which traded on the otcbb) in 1989, 1994 and 1995. The company had a reverse split last year which turned my shares into a fraction of a share, which they then paid me for (much less than I paid for it). I can't find documentation for the purchase (but did find something that said "non-taxable" and "new basis is 100.00% of old basis" in the books at the library. The company isn't listed in any of the otc books there though.

1. Can I take this as a loss on my taxes?

2. Where can I find documentation that will help me determine the price I bought the stock for.

This is all new to me...I am very ignorant regarding all of this and would appreciate any help or perhaps a nudge in the right direction where I can find help. Thanks.


Posts: 2 | Registered: Feb 2004  |  IP: Logged | Report this post to a Moderator
VNGNTN1
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LIST ALL YOUR PURCHASES ONE BY ONE:
Include date, Price
SUMMARIZE YOUR "COST" at time of split
SUBTRACT WHAT "THEY" PAID(WHO PAID)
AT this point DID YOU SELL?
YES- The price you received $$$$
Subtracted from what you "PAID" is your LOSS
which you can write off your taxes if you itemize. You can offset other sell profits to reduce the amount and IF that amount is still negative can be carried over to following years.
SUGGEST the farther you go down thius list, the more you should seek an accountants advice.
VAN

Posts: 1424 | From: Peoria, IL. USA | Registered: Oct 2003  |  IP: Logged | Report this post to a Moderator
Nim
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Thanks for answering Van. I will have only 3 lines. I was having trouble finding the price I had purchased it for in 1989 and 1994 (I found 1995 in my records). I called my former co and they said it can't be found anywhere and it was up to the purchaser to keep the records. They said a lot of former employees are having trouble with this. But now a new question...Do I have to itemize my taxes to be able to take this loss? Nim
Posts: 2 | Registered: Feb 2004  |  IP: Logged | Report this post to a Moderator
   

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