KarenM90
Intuit Alumni

Deductions & credits

No, unfortunately not.

 

You can deduct worthless investment in the tax year it becomes completely worthless. This normally happens when the corporation files for bankruptcy, stops doing business, and has no assets. Losses don't necessarily make this investment worthless.  

 

I would recommend contacting the company and/or an attorney and ask about relinquishing your investment.

 

If that occurs, you could claim the investment worthless in the year in which it occurs.

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