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  • Of course you can. If the company gets a loan or credit card debt you can have a loss in excess of basis. If I buy or inherit the stock then you could easily have a loss with no basis. Mark Nelson Jr, EA ------Original Message------ ...

  • I understand basis. I think what really happened was that the poster didn't understand basis and the $10K loss couldn't have taken place unless the s/h had contributed to basis enough cash to allow the loss. There was something wrong in her presentation. ...

  • You can never deduct more than your basis. Your deduction is limited to basis. That's it! You are supposed to be keeping basis worksheets with the individual return so you don't deduct a loss in excess of basis. I could be mistaken, but you ...





Main Street Practitioner

In this issue of Main Street Practitioner:

  • Taxing the Gig Economy, Part 4: Artists, Musicians, and Makers Who Cross Borders Should be Proactive to Avoid Major Tax Pitfalls
  • Five Data Security Tips for Accounting Firms
  • Successful Strategies to Raise Your Fees
  • Bench Strength – What Accounting Firms Need to Succeed at Succession
  • Justice Department Sends Stern Warning to Employers with Continuing Crackdown on Employment Tax Fraud
  • 20-Steps to Pass with the NSA EA


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