Worthless Stocks - Best Practice Unfortunately, I invested $26,000 in a company who is now worthless. It’s a long story but now it is official the stock we bought is worth $0, sad.
I am looking into my options for writing off the amount over time starting with my 2014 return. From what I have read I can;
(1) Write off $3,000 per year until the $26,000 is sufficed
I am wondering if this is my only option. The reason I ask is I plan to sell a rental home in the near future, which will gain over this amount in profit. I will have to pay taxes on this profit on that years return. I am wondering if I can wait and use this total amount when I sell my rental property?
Or – is it best practice to use the $3k amount, over time?
Thanks all! |