Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I had a stock that had several reverse splits and last year…

I had a stock...

I had a stock that had several reverse splits and last year it went to 0 shares. Do I need to report it as a 2017 taxable event or can I anytime in the future?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Not sure what other info to provide

Show More
Show Less
Ask Your Own Tax Question
Answered in 19 minutes by:
3/10/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,131
Experience: Taxes, Immigration, Labor Relations
Verified

Yes - you will need to report that as your shares became worthless.

That will be for your benefits if you have any basis in these shares - so that will generate a loss - which may offset other taxable income.

Ask Your Own Tax Question
Customer reply replied 4 months ago
If it is a 30,000 loss and I have no stock gains is it just 3000 a year and I just keep carrying it over each year until it is used up?

Yes - that is correct capital losses may be used in full against other capital gains - and only up to $3000 may be used against other taxable income.

The rest will not be "lost" - but will carried over to the following year - and may be fully used against any capital gain you might have in that tax year... and so on...

Otherwise - it will be carried forward until fully used.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,131
Experience: Taxes, Immigration, Labor Relations
Verified
Lev and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,131
33,131 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I bought some stock in 1997. I no longer have any of the
I bought some stock in 1997. I no longer have any of the transaction paper work and its too far back for it to be on my brokers web site. … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,131 satisfied customers
Robin. I received some "restricted stock unit" distributions
Hi Robin. I received some "restricted stock unit" distributions from my employer last year for which I received a 1099B. The 1099B only shows the quantity of shares, date sold, gross proceeds and cost… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor\u0027s Degree
3,087 satisfied customers
Dear experts, I am a US Citizen and have owned 37.5% of the
Dear experts,I am a US Citizen and have owned 37.5% of the shares of a Delaware incorporated business (small US subsidiary of a larger international group) for over 2 years. My Canadian partners and I… read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
286 satisfied customers
I have some Controls stock and it recently merged with Tyco.
I have some Johnson Controls stock and it recently merged with Tyco. I am confused about what exactly I will pay taxes on. I know I will have to pay for the cash I received for fractional shares, but … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
I sold stock which originated as att stock.it was obtained
i sold stock which originated as att stock.it was obtained as part of an accident settlemeent in late 1963. it was divided in the stock divestiture in 1984. I can find no record of the original number… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor\u0027s Degree
3,087 satisfied customers
Does qualified dividends or qualified term= Not taxable unless
Does qualified dividends or qualified term= Not taxable unless it meets a filing status test? ,does a 2 for 1 stock split mean the stock you ALREADY OWN can change to the shares being double and the a… read more
Jesse Handel
Jesse Handel
Tax Preparer and Chemist
Bachelor\u0027s Degree
2 satisfied customers
I owned stock in Mirant. Ended up with New Mirant shares and
I owned stock in Mirant. Ended up with New Mirant shares and New Mirant Warrants. I know cost basis for each. However, I did not share that info with my new broker. Warrants expired last january. Show… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,131 satisfied customers
I quit my job in 2010, and my privately run company had a stock
I quit my job in 2010, and my privately run company had a stock program. We had an ESOP and store and company stock. The esop was transferred to my 401k last year, but the stock distribution extends o… read more
CGCPA
CGCPA
Owner
Bachelor\u0027s Degree
3,815 satisfied customers
My 18 year old daughter has stock in a UTMA CT started by my
My 18 year old daughter has stock in a UTMA CT started by my mother and I am custodian. She sarted college in 2009 in California and I want to use the stock to pay her expenses. I sold 500 shares on 0… read more
Bill
Bill
Master\u0027s Degree
3,132 satisfied customers
How do I value the 20 to 1 reverse split of my AIG stock which
How do I value the 20 to 1 reverse split of my AIG stock which I sold after the split on Schedule D? I paid $79 - 85 per share and it was worth $1.40 at the time of the reverse split. I sold it at $31… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master\u0027s Degree
3,197 satisfied customers
We held AIG stock which had a reverse split. We went from 186
We held AIG stock which had a reverse split. We went from 186 shares to 6 shares. The extra that did not go to shares was given as cash. We received 1099-B's for these payments. How do I handle this?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I own AIG stock purchased thru employee stock purchase plans,
I own AIG stock purchased thru employee stock purchase plans, and stock options. The whole investment community knows the stock tanked last year and this year. AIG recently came out with that reverse … read more
jonacpa
jonacpa
CPA
48 satisfied customers
AIG resently effected a reverse split and I lost a huge number
AIG resently effected a reverse split and I lost a huge number of shares. Can I deduct that in my 2009 taxes?… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I sold off 300 shares of a custodial account stock in 2007 ...
I sold off 300 shares of a custodial account stock in 2007 after I transferred the account under my sole name, now that I am no longer a minor. I am not sure how to report when I purchased the stock a… read more
Jim Revels
Jim Revels
Master's Degree
126 satisfied customers
How can I connect cost basis of 42 Shares of Agere
How can I connect cost basis of 42 Shares of Agere stock on 01/03/05 with 10 shares of Idea, Inc on 5/18/07… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master\u0027s Degree
3,197 satisfied customers
Hi- I purchased a stock back in the early 80s and ...
Hi- I purchased a stock back in the early 80''s and didn''t touch it. Eveytime I had some money, I would write a check to a bank called Harris Bank and they would purchase more stock for me. I also op… read more
Bill
Bill
Master\u0027s Degree
3,132 satisfied customers
I have sold some stock received from an estate. There is a ...
I have sold some stock received from an estate. There is a rather large capital gains and therefore large tax liability. I had no choice the company became privately held. (TXU). I have original stock… read more
Bill
Bill
Master\u0027s Degree
3,132 satisfied customers
I purchased 200 shares of a stock on 4/22/2004 at a ...
I purchased 200 shares of a stock on 4/22/2004 at a cost of $2348.80. I added 100 shares on 12/14/2004 at a cost of $820. On 12/19/2005 the company reorganized and there was a reverse split. I now had… read more
RD
RD
Self Employed
Master\u0027s Degree
1,164 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x