You can't deduct a loss on an investment until you sell it or it becomes worthless. So, if the stock you mention went down in value but you still own it, you can't deduct the loss.
You do not get taxed on losses on stock sales, you can deduct a net loss for the year up to $3,000 against ordinary income.
You need to hold an investment for more than one year to get capital gains treatment on the sale of it. Capital gains treatment means you may get a more favorable tax rate applied to the gain than you would on your ordinary income (wage income for instance.)
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