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    saddy11's Avatar
    saddy11 Posts: 1, Reputation: 1
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    #1

    Feb 7, 2009, 01:55 PM
    Investments which went backrupt
    Can you deduct on your taxes the amount you lost from the investment company who filed Chapter 7 Bankruptcy?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 12, 2009, 02:28 PM
    Yes, as a casualty loss.

    However, you should have lost NOTHING due to the bankruptcy, as brokerage firms are required to maintain insurance on the assets they control.
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