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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
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To: Jordan Electron who wrote (27804)3/21/1998 9:10:00 PM
From: Peter Hausmann   of 28369
 
from the horses (IRS) mouth:

I own stock which became worthless
last year. Can I take a bad debt
deduction on my tax return?

If you own securities and they become
totally worthless, you can take a
deduction for a loss, but not for a bad
debt.

The worthless securities are treated as
though they were capital assets sold on
the last day of the tax year if they were
capital assets in your hands. Report
worthless securities on line 1 or line 9 of
Schedule D (Form 1040), whichever
applies. In columns (c) and (d), write
"Worthless." For additional

irs.ustreas.gov
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