Were the options included in your gross income either at the time they were granted or at the time of separation? If they were, you will have a capital loss taht you will be able to deduct (subject to normal limitations on the deduction for capital losses). If hte value of the options has not, at any time, been included in your income, then you have no basis in the options and, therefore, no dedcutible loss.
jon@jonacpa.com
Certified Public Accountant (CPA)
I deal with all levels of tax planning and controversy - from the ordinary to the complex.