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Tax implications on a foreclosed investment
My late husband owned 33% in a business, which was divided among myself and the children upon his death. The business invested in a company for the purpose of claiming a tax loss. 33% of that loss we took on our taxes for approximately 12 years. We've recently learned that the investment is in foreclosure. I know my children and I will be responsible for the 33% loss that we take but are we responsible for 12 years worth or only from the time my husband passed away.
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