October 2024 one of my investments filed for bankruptcy which resulted in a loss. Can I deduct this loss from my taxes? If so, what is the maximum and how do I report it?

[kevny9362]

Fiskar the EV car maker was the stock

[AnnetteB6]

A worthless stock may be deducted as a loss in the tax year that it becomes completely worthless.  This means that the corporation has filed for bankruptcy, has stopped doing business, and has no assets.

The amount of your loss will be your basis in the stock.  

Entering the information for the worthless stock is the same process as entering any other investment sale, except for the following fields:  

• Your sales price will be zero
• Include the word 'worthless' in the description field
• Enter December 31st as the date sold

All other information will come from your records such as the cost basis and date acquired.

See the following TurboTax help article for guidance to enter investment sales:

Where do I enter investment sales?