Spongetech Delivery Systems, Inc. (fka SPNGQ)

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You can use the loss to offset any capital gains. Above and beyond that you can take $3,000 against your income on an annual basis until the loss is fully written off.

If your capital losses exceed your capital gains, the amount of the excess loss that can be claimed is the lesser of $3,000, ($1,500 if you are married filing separately) or your total net loss as shown on line 16 of the Form 1040 Schedule D, Capital Gains and Losses. If your net capital loss is more than this limit, you can carry the loss forward to later years. Use the Capital Loss Carryover Worksheet in Publication 550, to figure the amount carried forward.