Need advice on a stock that doesn't trade anymore

Discussion in 'Trading' started by okalreadyok, May 5, 2003.

  1. Hi, I need some advice regarding some stock i bought a while ago. I bought 2000 shares or SIRK over a year or so ago. I was in the market for the long term and since i got hammered on my portfolio in the last 2 years, i really haven't looked at in until now. Only because i want to start trading again, but not long term. My question is, what can i do with this stock called SIRK which doesn't trade anymore. Can i claim it against my taxes, even though i can't sell it. I lost some money on it. Is there any action i can take. Please advice me with your knowledge.
    Thanks
    John:)
     
  2. you can declare it worthless and take the loss on your taxes if you cant sell it.
     
  3. How do i declare it worthless on the taxes. Is there a form that i would have to fill out for next year, and if so, what is the formed called.
     
  4. Check with the broker. There's usually a way to sell it and officially close out the trade.
     
  5. nkhoi

    nkhoi Moderator

    I filled end of the tax year as sell date and sell price at 1 cent, no question asked so far.
     
  6. JORGE

    JORGE

    Most brokers will provide you with a worthless stock letter which allows you to take the loss, while keeping the stock. If for some reason the stock ever comes back to life your cost basis will be zero.
     
  7. Thank you all, I told one of your advices and called the broker and he told me that i can sell it off tomorrow during trading hours without a charge to get rid of it..

    Thanks