Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
goldacapulco
New Member

Loss stock went to zero not sold can i take the loss without 1099

 
1 Best answer

Accepted Solutions
TomD8
Level 15

Loss stock went to zero not sold can i take the loss without 1099

No.  You can't take a loss if you still own the stock.  [Edit]:  the only exception is described by Tom Young below.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

View solution in original post

3 Replies
TomD8
Level 15

Loss stock went to zero not sold can i take the loss without 1099

No.  You can't take a loss if you still own the stock.  [Edit]:  the only exception is described by Tom Young below.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
TomYoung
Level 13

Loss stock went to zero not sold can i take the loss without 1099

I'll differ with TomD8 here.  You take a loss in a stock in the year it becomes "worthless."  Simply being "in bankruptcy" or trading for pennies a share on the pink sheets doesn't cut it.  And, of course, you typically don't get a 1099-B when a stock becomes worthless.  You simply tell TurboTax that no 1099-B was received and it leads you through a somewhat different interview than the standard "1099-B" interview.

You might want to check with your broker to see if the stock really did become completely worthless in 2016.  If it did, take the loss.  You're now the proud owner of a completely worthless stock.

Tom Young

TomD8
Level 15

Loss stock went to zero not sold can i take the loss without 1099

Thank you, TY.  I edited my response.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
Dynamic AdsDynamic Ads
Privacy Settings
v