How should I file my shares of Circuit City, which went bankrupt?
I have shares of circuity city (CC) and now its bankrupt. Do I file is this as an investment loss and then enter it as worthless securities? I tried the capital loss carryover but it didn't work as it kept on asking something about a 2007 line 45 if there is an amount in it. For me there isn't so that option didn't work. Also, should I file the total loss amount, which is more than the annual allowable loss of 3000 or claim it each year until my TOTAL loss has been covered? Thanks!!!
- Anonymous1 decade agoFavorite Answer
The only loss you would report is selling those shares at a loss. You can't simply claim bankrupt shares as losses because you haven't lost anything.
- Anonymous1 decade ago
The stock isn't worthless yet so you can't claim a loss unless you actually sold it in 2008.
The year you do claim it, you take the entire loss then do the capital loss carryforward.
- Greg MacquarieLv 61 decade ago
Claim it every year. That sucks. $3,000 annual allowable loss? What happens if you put $60,000 on CC? Then, you'd be at it for 20 years. That's rubbish. What country are you from?