Do I have to report a "long term loss" if I received a 1099-B but didn't sell any stock? This was an old worthless stock

[hkalachman]

If I have to report this, I have to buy another turbo tax upgrade. Seems ridiculous for something I had no control over and the cost of turbo tax upgrade will be more than whatever I might get as credit for this loss.

[LudwigVan_fan · Accepted solution]

If you received a 1099-B and no sales, and you indicate the stock is worthless, that must mean the issuer is saying the stock is officially worthless.

To claim a loss, you must claim it in the year in which it occurred.  Thus, if the 1099-B is for 2021, and you want to claim the loss, then you must claim it for the 2021 year.  If not, you can never claim the loss.

It is up to you to decide if the loss doesn't save enough in tax to pay for TT upgrade.  It appears you need Premier to handle investments.