Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Hi all,

After I've read the FAQ on worthless stock,
I began browsing the messages. I just realized
that I've posted a reply to a message that is
dated 12/17/97. So I am posting this again here
under a new topic. Sorry for the double posting.



Hi all,

Several years I bought a stock that has fallen
to pennies now.

I have read the FAQ on worthless stocks and several
messages regarding this topic. Basically, I
need to SELL the stock in order to deduct a tax
loss, i.e. either by selling it to somebody else
or to a relative.

If I can figure out a way to sell it (since m
on-line broker's trading system doesn't recognize
the symbol), I'll have to pay more money because
the sell amount is less than the commission.

According to Yahoo Quote, if I sell it now, I'll
get about $12. My commission is more than $12.
If I sell it to a relative, then the transaction
fee will be also be more than $12. I am already
sad about having bought the stock. Now in order to
deduct it for tax loss, I have to spend more money?

Am I missing something? This just seems so
wrong that I need to spend money to get rid of the


Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.