Yes, the worthless stock can be claimed as a capital loss even without any capital gains to report on your 2024 tax return. You will be able to claim up to $3000 of loss on your 2024 return, with anything over that amount being carried forward to future tax years.
It would be best to report the entries from each brokerage separately, unless they both have the same purchase dates and cost basis.
Entering the information for the worthless stock is the same process as entering any other investment sale, except for the following fields:
- Your sales price will be zero
- Include the word 'worthless' in the description field
- Enter December 31st as the date sold
All other information will come from your records such as the cost basis and date acquired.
See the following TurboTax help article for guidance to enter investment sales:
Where do I enter investment sales?
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