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posted Apr 3, 2020 8:41:31 AM

Ladbrokes coral group appears to have went out of business 02/06/2019.Where can I get info that would have been on my 1099B?

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1 Best answer
Expert Alumni
Apr 3, 2020 9:03:11 AM

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's no hope that the company will pull through.

  • 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.

See Where do I enter investment sales?

 

Source: TurboTax FAQ

1 Replies
Expert Alumni
Apr 3, 2020 9:03:11 AM

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's no hope that the company will pull through.

  • 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.

See Where do I enter investment sales?

 

Source: TurboTax FAQ