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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?


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