Said contract was purchased,and later the selling company,was indicted for fraud,and investors lost total original investment
2006-12-27 06:44:24 · 3 answers · asked by Philip O 1 in Business & Finance ➔ Taxes ➔ United States
Was the contract purchased for a retirement account or a taxable account? The capital loss rules and possibly theft rules would apply for a taxable account. If it's in a Traditional IRA no loss would be allowed. If in a Roth IRA you may get a deduction but check the rules.
2006-12-28 03:55:46 · answer #1 · answered by daoco 4 · 0⤊ 0⤋
Capital Loss netted against capital gains subject to the $3000 per year loss limitaion with the remainder carried forward.
2006-12-27 15:08:09 · answer #2 · answered by Wayne Z 7 · 1⤊ 0⤋
If you were defrauded, then you may be able to claim a theft loss, which would be ordinary rather than capital. Check with a tax advisor for complete information.
2006-12-27 17:59:33 · answer #3 · answered by TaxGuru 4 · 0⤊ 1⤋