Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Colin Cody who wrote (2218)	5/23/1999 3:20:00 PM
From: Kaye Thomas	Read Replies (1) of 5810

Colin, you're correct that the usual period for amending a return to claim a deduction is 3 years from the due date, but because of the difficulty of determining when stock becomes worthless there's a special rule for this deduction: you get seven years from the due date. Hey, sometimes tax laws actually make sense. Kaye Thomas, author Fairmark Press Tax Guide for Investors fairmark.com

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