I'm trying to dump some assets but unfortunately may not be able to do so by end of year (document I need expires today and holder won't let me sell). Is there a way to extend the deadline past end of year?
There might be a way to sell and amend you 2018 return to account for the loss. This works for foreign currency only. It happend to a friend of mine who lost a lot of money on an fx trade and was able to apply the loss against previous year gains. You will need to consult a competent accountant. Bob’s recommendation is probably the best.
I was once told an LLC can go back a few years with losses, but was not able to find that. That would not help him, as the asset was not owned by an LLC. If true for others, it would allow them to take the loss in 2019, but go back and get a refund if all of 2019 is a loss.