OMDA Oil and Gas, Inc. (OOAG)

[LouisDesyjr]

Taking a tax loss

One thing that I was not aware of, until I saw what was going on over at BDGR and here at OOAG, is that if a stock no longer trades and you are no longer able to sell the shares to anyone, you can ask your brokerage firm to take them from you.

What happens is that you give your shares to the firm for nothing, which closes the trade and allows you to claim the loss on your taxes for that year.

Until I saw stock like OOAG, it is not something I would have expected to need to know, since it is bad enough to lose most of your money on a trade, it is even worse to not be able to claim the loss on your taxes and at least recover some of the loss.

Louis J. Desy Jr.