First off, be sure it is deemed worthless. Then, Report the valueless stock in either Part I or Part II of Form 8949, depending on whether it was a short-term or long-term holding. If an asset became worthless during the tax year, it is treated as though it were sold on the last day of the year. In Turbo tax, the date of purchase and date of sale will help Turbo Tax to determine short or long term. Report it as a sale.
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