Message Font: Serif | Sans-Serif
No. of Recommendations: 0
OK, a few years ago I foolishly decided that since so many people were making money hand over fist in the stock market, I wanted a piece as well. On a tip from a co-worker I purchased approx $2K in a tech company that soon lost 80-90% when the bubble burst. Discouraged as I was I stopped following the market for a while planning that if I returned to investing and actually made a profit, I'd sell said security to offset any gains I might have. Flash forward to present day and my return to investing this year (new account/broker as well) and, at least some, success. Called old (online) broker to find that my account was closed and thet the previous stock was deemed "worthless" in 2002. I believe I can find paperwork for the initial purchase, but thats where my paper trail ends. Is it possible to use last years loss at this point to offset this years gain? Is there some paperwork I can request from my old broker for the worthless security?

Any help appreciated.

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.