I have a long term capital loss. Stock in company that went under. Where do I enter the loss?

[mdough9227]

I only have the value amount of the total stock value

[NancyG]

You would report this as a Sale of Stock in the Investment Income section of TurboTax.

Enter a worthless stock like any stock sale but with a sales price of zero and the word "worthless" in its description. Enter the correct cost or basis, date acquired, and December 31 as the date sold.

You can deduct worthless stock only in the tax year it becomes completely worthless. This normally happens when the corporation files for bankruptcy, stops doing business, and has no assets. Financial difficulties won't make a company's stock worthless unless there is no hope that the company will pull through.

[joe_williams]

I just discovered out the status of a Nevada LLC I had invested in 2001 is "revoked" as of 7/31/2012 and is apparently worthless - what can I do to deduct this long term loss?