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Re: quartzman0 post# 200512

Tuesday, 12/18/2007 1:14:19 PM

Tuesday, December 18, 2007 1:14:19 PM

Post# of 432690
Quartzman, contact your broker

Most will buy worthless securities from you for $1 to allow you to close the position. But be sure you want to do that because you are really selling it. If IDCC signs the big 4 next week and the price rockets you no longer own those options. Odds of it happening in your time frame are miniscule, but ya never know. I just had a thought, I seldom buy lottery tickets, but if you are have trouble selling, I'll buy it from you for a buck!

Be aware that you can only write off $3,000 of capital losses in excess of capital gains, so if you already have over $3,000 of losses in 2007 there is no reason to accelerate the loss into 2007.

If you have any further questions send me a PM or e-mail and I'll help you off line. I'm a CPA, so if you have questions on any of the tax issues I can help you.
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