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

    Jan 13, 2011, 12:48 PM
    Want to take tax deduction for stock that went off the board
    I bought 1000 shares of a banking stock @ about $1.30 per share. It is now selling for $0.003 and the 1000 shares is worth $3.00. I cannot sell it because there is not a market. How do I take the loss on my taxes..
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
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    #2

    Jan 13, 2011, 12:52 PM

    I don't think you can claim a loss for stock you still own and hold, I was never allowed to.

    And since it hasn't been sold, you still own it. Unless its reitred due to a bankruptcy or sold... its only a paper loss. And it takes a real loss to claim on taxes.


    Who can say next year it won't recover and you sell it for a gain... after you just claimed a loss? That's why they don't let you claim paper losses... only real losses.
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