DNAprint Genomics (DNAG)

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Can anyone tell me if DNAG can be used as a tax write off? This is an article I found from Bankrate that supports the idea of a write off to offset capital gains? Thanks in advance.

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But what if your shares of a corporation dropped off the stock market radar before you were able to unload them? You might be able to write off the holding on your tax return as a worthless stock.

?Just because a company is in bankruptcy, or its stock isn’t trading, doesn’t necessarily mean it’s worthless. If it’s worth even a few pennies, it still has value in the eyes of the IRS.

If you truly do have a dead stock in your portfolio, you treat it on your tax return as if it were a capital asset you sold for zero dollars on the last day of the tax year.

Documentation for the IRS
When you report a worthless-stock transaction, you don’t have to put the details of the stock’s demise on your return.

However, tax experts say if you’re questioned by the IRS, you need to be prepared to show:

There is no hope investors will ever get anything for their holdings. This isn’t always easy, so do your homework.
When the security became worthless. You must reasonably determine the date the stock lost all its value.
Once you’re armed with that information, it’s time to report your loss.