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

To: Eagle who wrote (1596)	12/12/1998 11:01:00 AM
From: Colin Cody	Respond to of 5810

Eagle, Such is the problem of having a deep discount broker... now you need to get your information elsewhere! Since you don't have a broker to pay to do the research i.e. a full service broker you need to substantiate the loss in other ways. Old newspaper stories clipped from the papers... old bankruptcy paperwork... SEC filings... Secretary of State reports... Stock Transfer agents... and so on. Full service and some light-discount brokers keep track of this stuff for their customers. For investors who don't use these brokers they may need to do the research themselves. You need to establish the exact year the investment became worthless. Make a mistake and you risk losing out due to the three year statute of limitations, that can deny a deduction taken too late in a wrong year. That's why selling for $1 is so clean in many cases. Colin