You can leave off the amount of stock you purchased and report the transaction so you receive the deduction for the amount you paid.
If you owned the stock for more than 1 year, the loss will be a Capital Loss. You can only deduct a maximum of $3,000 per year above any Capital Gains, that are offset by the loss. The balance of your loss will be carried forward.
Guide to Schedule D: Capital Gains and Losses
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