Cancelled Patron Equities

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  • travis bickle
    replied
    If it is an ordinary income loss

    Originally posted by TB12
    I have a tax client who received a Statement of Equities cancelled (farm elevator coop) and according to Code sec 165(a), they can take an ordinary loss deduction - I'm just not sure where to input on the tax form. Any ideas?

    Thank you!
    it can go on L21 of F1040 as a negative number.

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    • TB12
      started a topic Cancelled Patron Equities

      Cancelled Patron Equities

      I have a tax client who received a Statement of Equities cancelled (farm elevator coop) and according to Code sec 165(a), they can take an ordinary loss deduction - I'm just not sure where to input on the tax form. Any ideas?

      Thank you!
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