Yes, although the IRS does not give clear guidance on this, I agree with super champ Hal-Al, in his Turbo Tax post to treat this as an investment loss.
- Go to federal>wages and income>investment income>stocks, bonds, other
- Now you will answer some preliminary questions. Say no if you did not receive a 1099B. When it asks for the type of investment
- Next screen is critical because it asks you for the sale price, description, what you originally paid for it, date sold, date acquired etc. For the sales price, put 0 since the fees went up in smoke figuratively.
- Once recorded, you should have an investment loss.
- Keep in mind, capital losses can only be claimed $3 per year. Whatever is unused for this year will be carried forward indefinitely or until used up.
@xmnstn @llcg
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