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You can take up to $3000 of capital loss against regular income, annually. If you have capital gains then you can take as much loss as you have gains, plus $3000.
It is cleaner to sell the stock at a loss. If you wait for the company to go out of business, then nobody will buy it from you (except maybe your broker for $1 or something like that).
If you own the stock in an IRA, neither gains nor losses are taxable events, so I'm assuming this loss is in a taxable account. In that case at least you can claim it on your taxes!
Best wishes, Chris
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