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Author: RooCat Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121572  
Subject: Re: worthless stock and IRA Date: 2/9/2000 4:01 AM
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If I have a worthless stock and part of it in a regular investment account and part of it in an IRA account. I assume I cannot deduct the loss for the IRA correct?
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Correct, there is no loss to deduct in the IRA since it is not taxed until distribution.
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How would one determine if something is really a worthless stock? the stock in question is Syquest
Technology, ticker symbol SYQT when it was still trading.
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Unless the stock has filed chapter 7 bankruptcy, it is not worthless. You need to see what they filed. If it is a chapter 11, you probably have some time to wait until it is worthless or sell it if you can for pennies. If it filed chapter 7, you may be able to write off the loss from your regular account depending on the year of dissolution.
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