It was not a public stock. It was a friend and we helped her and her husband start a business. We gave them 1000 for 1000 shares of common stock in their private company. They tried hard and for a while they were doing well, but the market changed and they lost everything.
No biggie, it was money we expected to lose but would have been happy if it made out. (Like any other gamble.)
I know we take a capital gains loss on Schedule D. But are they supposed to give us any particular tax form or something to show that the stock we paid for went to $0?
(We have copies of their corporate tax forms for the prior years, and this year they will fill out the final tax form showing the total loss. But I don't imagine we're supposed to send their tax form in with ours.)
They were a regular C corp, not a sub-S or anything.
2007-10-29
13:34:45
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4 answers
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asked by
Anonymous
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United States