How do you realize a loss on stock that you cant sell?
I want to liquidate some stock that have gone so low as to no longer be listed on the stock exchange, so that I can deduct them from my taxes. Since I cant sell them what can I do?
I want to liquidate some stock that have gone so low as to no longer be listed on the stock exchange, so that I can deduct them from my taxes. Since I cant sell them what can I do?
A nobody
Favorite Answer
You should contact your brokerage firm you purchased the stock from give them the name of the stock and ask for a quote.
If your with a major firm they will either buy the stock from you at "a $1.00 for the lot", they will send you a notice "no quoted market for the stock". Either one of these will get you an accepted IRS write-off.
Depending on the amount of the loss, if it's not a material item, just take the loss. Be prepared to demonstrate that there was no quoted market for the stock.
tiescore
Call your broker, most will do some transaction where they effectively buy it off you for a buck (or less) so you can book the loss.
Anonymous
No clue
Eva
You have to get a letter from a stockbroker saying they're worthless.
The Oracle of Omigod
Claim them as zero worth. If the IRS disagrees, pay your taxes "in kind" with the stock certificates.