Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)
-   -   Income Taxes (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/income-taxes-327313/)

retiredguy123 12-17-2021 07:56 AM
One thing to be careful of, is that the loss must be initially claimed in the tax year when it occurs. So, it is important to know when the stock became worthless.

rjm1cc 12-17-2021 08:26 AM
Look at schedule D and form 8949.
IRS site has some free software tax programs. Maybe the interview section will take you through the steeps.
Turbotax will solve your problem
If you have any capital gains the loss will reduce the gains. If none you can deduct 3000 a year from your income.
Look at Site Index Search | Internal Revenue Service

Rich42 12-17-2021 09:12 AM
You want tax advice on this forum? What a joke!

OhioBuckeye 12-17-2021 09:33 AM
Ohiobuckeye
 
Quote:
Originally Posted by Maish (Post 2040234)
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.
You know I would ask AARP’s they give FREE tax advice & will do your taxes for FREE, they’re very good at answering any of your tax questions!

dougawhite 12-17-2021 04:08 PM
Quote:
Originally Posted by La lamy (Post 2040443)
Whoa, this reminds me that I didn't claim anything when my Nortel stocks went kaput. It was during the dot com crash and I wasn't in control of my portfolio at that point. Such a shame when people you trust turn out to be so incompetent. My broker sold all his Nortel stocks when they were going down but didn't do anything with mine. So glad I've educated myself about the market and do things myself now.
Ericsson acquired Nortel. Your Nortel shares are now considered some fraction of Ericsson shares, they are not worthless.


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