Stock loss from 2010 as company is no more

[b-wedwards]

I purchased 100 shares of a stock on 03/24/2010. The company is no longer traded. The ADJ cost/Original cost was 952.95. Current value is N/A. How do I enter this on my turbo tax return? I signed up for the premier account so I could write it off.

[DS30 · Accepted solution]

If your stock meets the IRS guidelines for being a worthless stock, you will report this worthless stock in TurboTax Online or Desktop using the  follow these steps:

1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
3. Next click on “I’ll choose what I work on” (jump to full list)
4. Scroll down the screen until to come to the section “Investment Income”
5. Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ (or “update” is you have already worked on this section)
6. The first screen will ask if you sold any investments during the current tax year - yes
7. Even though you did not receive a 1099-B, answer “yes” to the 1099-B question
8. Select you will type in the information yourself
9. Select if short-term or long-term
10. Enter your stock information and use a "0" for sales proceeds.
11. Include all other information about the sale and you should be a summary of the sale showing the net loss equal to the original cost basis in the shares. Since the shares are worthless, just use the last day of the calendar year as the date of sale (12/31/2016).