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Worthless Stock
Stock you have no reasonable expectation of being able to sell because the company is effectively out of business and is not trading anywhere for any amount. You report a worthless security on your tax return, making the sale date the final day of the year in which the security became worthless. You follow the rules on capital losses and carry-overs, allowing you to deduct up to $3,000 of net capital losses a year against your ordinary income. For more on netting capital gains and losses, see a related FAQ.
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