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Author: Errigal Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Re: Selling stock at huge loss, tax implications Date: 12/23/2008 2:03 PM
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Thanks Phil:

I won't have any gains. Bottom line will definitely be a loss.

I'm presuming I must sell by 31 Dec 2008 to claim the loss on my 2008 return.

Now I need to decide what to sell. I presume there is no merit at this stage to holding onto Fannie Mae. I'm down 98.91% there on my purchase price. Bought at $55.30/share, today's price is $0.60/share.

In the case of SIRI, I originally bought shares of both XM and SIRI and stupidly added to both as shares dropped. With the merger, XM shares were transferred to SIRI, so calculating the loss would become more complex with that if I only sold some of the shares.
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