Section 1244 Stock Withdrawal
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FAQ
If you own a stock where the company has declared bankruptcy and the stock has become worthless, you can generally deduct the full amount of your loss on that stock ? up to annual IRS limits with the ability to carry excess losses forward to future years.
Under Section 1244, an individual stockholder of a corporation can claim an ordinary (rather than capital) loss of up to $50,000 per year (or $100,000 for on a joint return) from the sale or worthlessness of ?Section 1244 stock.? For most stockholders, an ordinary loss is much more beneficial than a capital loss.
Qualifying for Section 1244 Stock The shareholder must have purchased the stock and not received it as compensation. Only individual shareholders who purchase the stock directly from the company qualify for the special tax treatment. A majority of the corporation's revenues must come directly from operations.
If you have an overall net capital loss for the year, you can deduct up to $3,000 of that loss against other kinds of income, including your salary and interest income.
To claim the business loss from Section 1244 stock, you will need to file Form 4797 with your tax return. You will also need to attach a computation of the loss from the sale or exchange of section 1244 stock.