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F. Naz
F. Naz, B.Com
Category: Multiple Problems
Satisfied Customers: 5254
Experience:  have completed B.Com and CA Finalist
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My question is in reference to Stocks and US taxes. One of

Customer Question

My question is in reference to Stocks and US taxes. One of the companies that I own filed chapter 11 this year which has been completed. I had approximately 201,000 stock that cost me around $350,000 and now I own 745 stock that shows a value of $1900. My Stock account show $334,000 of unrealized loss, will this show as realized loss at the end of the year or do I have to actually sale the remainder of the stock to show the loss? Will I be able to claim this loss? Please advise me on what I should do? Thanks!
Submitted: 11 months ago.
Category: Multiple Problems
Expert:  F. Naz replied 11 months ago.

By what time do you need the answer, thanks.

Customer: replied 11 months ago.
2-3 days please
Expert:  F. Naz replied 11 months ago.

The value of 200255 (201000-745) has become worthless therefore it may be claimed as capital loss amounted to 350000/201000*200255 = 348703, as these shares has no value in the stock market or any other market. Please see the following link for further details.

http://www.boston.com/business/personalfinance/managingyourmoney/archives/2009/06/the_value_of_yo.html

https://www.irs.gov/publications/p550/ch04.html#en_US_2014_publink100010729

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