I downloaded transactions from my broker. It included a company that had gone bankrupt. It downloaded the
Form 8949 Check Box: E
Description (1a): 153 Failco Inc.
date acquired (1b) 11/12/2008
Date of sale/exchange (1c): 08/08/2017
Sales price (1d): 0
Cost or other basis (1e): [blank]
Import code: O
Quantity sold: 153.000
In reading, I have seen other answers that you should enter worthless in the description. I find those answers to be less explicit than I think I need.
So my question is, Do I just enter my basis, and edit the description to be "153 Failco Inc.(worthless)" or to be
"153 Failco Inc.(bankrupt)", or what? I cannnot believe I would just make the description "worthless".
Is there anything else?
I use forms mode, but I expect it would work pretty much the same in step by step.
Thanks.
