GOOD INFORMATION FOR CURRENT SHAREHOLDERS
HOW DO YOU CLAIM A LOSS ON A BANKRUPT STOCK? YOU CAN'T SELL IT WHEN IT IS ONLY A FEW CENTS.?
WA€U IS BANKRUPT, BUT STILL SHOWS ACTIVITY IN THE STOCK MARKET, BUT ONLY WORTH A FEW CENTS. HOW DO YOU LIQUIDATE SOMETHING LIKE THAT TO SHOW A LOSS ON YOUR TAXES?
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.
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.
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