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Originally Posted by Maish
Can anyone who knows tax laws advise me about claiming a total stock loss due to the dissolution of the company? I bought the stock many years ago and lost track of it. Thanks in advance.
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You need to establish what the loss was. "I bought the stock many years ago and lost track of it." Part of being a corporation is they need to send shareholders statements. Dissolution of the company,somehow you were notified, I assume a letter from an attorney. Perhaps, they can help you with number of shares you own, owned and when you bought them, perhaps even your cost. Obviously get it is writing. Typically, what happens is the principals take whatever they can out of the dead or dying company. The attorneys get their fee and the shareholders get nothing.
The HOW MUCH is an important question. Florida has no state tax. If, your top federal tax is 30% and you invested say $100 on a hot tip from a friend, You have to prove it. You could deduct $30. It may not be worth the trouble OR THE RISK OF IT TRIGGERING AN AUDIT.