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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Lee (Hijacked) who wrote (984)	4/10/1998 4:25:00 PM
From: Len	Read Replies (1) \| Respond to of 5810

Technically, no. Since some brokerages will charge you to "sell" the shares, even for nothing, (Schwab used to charge $15.00 for this a few years ago), you would be better off just leaving them there. In fact, the brokerage statement showing them worthless is a good (and cheap) backup, should you ever need it. The only thing you need to be aware of is that you can and must take the loss only in the year in which the stock BECOMES worthless. In other words, if it became worthless two years ago, and you are just now deciding to accept that fact, you can't decide to take the loss this year.(In that case, you would need to file an amended return for the year the stock became worthless). Perhaps Colin will correct me, if I'm mistaken.