Capital losses.... how to claim delisted stock loss?

[Toma]

Since tax time is around the corner.... I have a couple old capital losses in my account that were never "realized"..

Ie, I never sold the stock, but they were delisted a while back, so there is no slip....

how do you go about claiming it as a loss?

[interlude]

im interested as well.. can anybody answer this?

[Rav4Guy]

You'll have to ask your broker for a "defunct securities" letter. This will effectively deem it null, void, and useless. You can then claim it as a capital loss.

[wylderhoads]

Sort of on the same topic... my first year investing in stocks I took a loss. And actually didn't even realize that you had to claim this on your income tax. I believe this was in 2005. Can I go back that far this tax season and claim that as a capital loss... Should I do this?

[Rav4Guy]

If you haven't claimed capital losses in the past, you may carry them forward indefinitely. So... claim em! ;)

capital losses can only offset any capital gains.

[Keenan]

If the stock has no value, you can file a 50(1) election whereby you deem to have sold it for $0 and repurchased at $0. This triggers the capital loss. In the event that there is some value that you realize upon the eventual disposition, your cost base is $0 and you pay capital gain on any proceeds. Have fun!

[civic_ek4]

yea i had the same deal last year, you need to demostrate that you have disposal of the asset completely. i think the above form sounds about right.

but then if there are any hope that this stock comes back to life........you have nothing.