I was 20% owner of a Subchapter S corp. We ceased operations in 2001,
liquidating our assets. The company's final tax return was for tax
year 2001. After it was all said and done, my partners stuck me with a
loss, which was about $10,000. I paid the debt with a home equity
loan taken out in 2002. After consulting with an accountant, he said
I can use the $3000 yearly max capital loss every year until I have
used up all of the loss. He also said that goes on Schedule D.
Exactly how do I put that on Schedule D? I didn't really purchase and
sell anything. Do I need any other IRS Forms with that, or does it
just go on Schedule D.
Thanks,
Ryan |