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It's way too late to write it off

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Dallas66   Wednesday, 12/31/14 04:37:10 PM
Re: FastEddie777 post# 27652
Post # of 27665 
It's way too late to write it off as a loss for 2014...you have to hook up with your broker and surrender your shares as a total loss in a defunct company. Not really sure what the exact process is, but I know it can take several weeks or longer to have them declared a total loss.....and of course there is a cost to do this from the broker...... or have sold prior to the end of the year at a loss....and remember...you can only write off $3000 per year as a loss.

Also.....the IRS and SEC both have very specific rules/requirements for what is classified as a "worthless stock". You now have a year to investigate and prepare to see if it is worth the effort. I believe "worthless stock" is deemed sold on Dec. 31 of each year, so that plays into it as well...for both short term and long term gains/losses as they are applied against the like kind. short term gains/losses offset each other as do long term gains/losses.

hope this helps a little

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