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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?

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Not sure what other info to provide

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Answered in 19 minutes by:
3/10/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,695
Experience: Taxes, Immigration, Labor Relations
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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.

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Customer reply replied 1 month 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
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