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Bankrupt stock- tax implications
Posted on 1/24/15 at 4:26 pm
Posted on 1/24/15 at 4:26 pm
So I have a stock in my portfolio that finally bottomed out to zero late last year. The stock remains on my stock portfolio screen, do I need to do anything to receive the write down? I assume I can take it for 2014.....even though no other transaction occurred.
1
Posted on 1/25/15 at 9:29 pm to TJG210
Technically speaking... you can only get the write-off once the stock is sold or once all your ownership has been extinguished. This is done via the legal process of bankruptcy.
You need to look into the status of the stock. If the stock is still valid - you may have some issues taking the write-off now. What if you actually got something out of the bankruptcy? You still own the stock until the court says you don't.
One thing we recommend to our clients is, in these situations, to try to sell the stock for $1 total (not per share).
You need to look into the status of the stock. If the stock is still valid - you may have some issues taking the write-off now. What if you actually got something out of the bankruptcy? You still own the stock until the court says you don't.
One thing we recommend to our clients is, in these situations, to try to sell the stock for $1 total (not per share).
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