Replies to post #138284 on Kraig Biocraft Laboratories Inc (KBLB)

[imelcooler]

In some situations, claiming the deduction too late can present a risk. If a taxpayer holds stock that becomes worthless in an earlier year but does not claim the deduction until a later year, there may be a possibility that the deduction would become unavailable in the event of an IRS audit.

I think the optimum consideration is what is the definition of worthless. Now the stock that was mentioned is definitely worthless, dead, gone, and kaput,

For years I've been holding other penny gems, or more accurately stated LOSERS some that are sub pennies. I felt that as long as they were not delisted, or when a company ceases operations, declares bankruptcy they're not worthless, but could be held until a white knight big winner like KBLB came along to offset matching then up with those long term losers with a big long term gain. I've sold short term gains against short tern losses. I've sold losses exceeding three thousand $'s, where anything over that rolls over to the next year and then again until its all used up.

So get up on that big horse and be a hero! KIM

Now that you posted that.."Worthless Stock Deductions In General" thing I'm not so sure...I don't remember ever having a totally worthless stock before. No i take that back it was 2008 GM and some others filed for BK., but i think i filed those losses in the same year. He** i can't remember.