capitol losses

rick-l · 10-06-2009, 12:01 PM

Say I owned GM stock. How do I declare it as a loss?

I can't sell it. Part was held by GM, no certificate.
They aren't going to send me a transaction form (capital gain or loss).

Do I just put my purchase price down with nothing else, no sale documentation?

phoenix_iii · 10-06-2009, 12:33 PM

? I don't understand. How do you own something but have no title, or certificate of stock, etc... and why can't you sell it if you own it?

<<--- noob.

TechnoViking · TechnoViking's Garage

Quote:

Originally Posted by phoenix_iii

? I don't understand. How do you own something but have no title, or certificate of stock, etc... and why can't you sell it if you own it?

<<--- noob.

Don't feel bad. The question confused the crap out of me, too.

widgeon13 · 10-06-2009, 01:21 PM

You will most likely get documentation from the financial company that held the shares for you or directly from GM, as long as you can provide evidence you purchased the stock it shouldn't be difficult to document the value when it restructured. It's a long term capital loss and you can only deduct a max of $3000 per year, I believe. You can carryover the loss to the next year if greater than 3K.

Check w/ an accountant before you submit your tax return.

rick-l · 10-06-2009, 01:31 PM

When you sell something you get a form 1099-B. Since I didn't sell anything (I can't) I doubt I will get a 1099-B.

I have certificates and GM held some in book entry form. Book entry is a system of tracking ownership of securities where no certificate is given to investors.

from IRS

Quote:

Form 1099-B. If you sold property such as stocks, bonds, or certain commodities through a broker during the year, you should receive, for each sale, a Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, or an equivalent statement from the broker. You should receive the statement by February 15 of the next year. It will show the gross proceeds from the sale. The IRS will also get a copy of Form 1099-B from the broker.

pwd72s · 10-06-2009, 01:38 PM

Definitely check with a CPA...you will some proof of purchase cost.

widgeon13 · 10-06-2009, 01:44 PM

Call their (GM) investor relations department, millions of folks are dealing with the same issue so I'm certain they will have some documentation for you. I wouldn't have sleepless nights over it.

It's much easier to address than an acquisition of one company by another and then a stock sale.

rick-l · 10-06-2009, 01:49 PM

Quote:

Originally Posted by widgeon13

millions of folks are dealing with the same issue

I was hoping one of them was on off topic.

World Com I was able to sell while they were still being traded.

rick-l · 10-07-2009, 06:03 AM

Bump for free advice

jyl · jyl's Garage

GM stock still trades on pink sheets as MTLQQ.PK at $0.59/share currently. So you should be able to sell it.

rick-l · 10-07-2009, 08:49 AM

Quote:

Originally Posted by jyl

GM stock still trades on pink sheets as MTLQQ.PK at $0.59/share currently. So you should be able to sell it.

Wow would have never thought of that. Now why is it still worth .58 per share?

berettafan · 10-07-2009, 08:57 AM

Just put it on the sch. D.

FYI IRS says 'taxpayer must show that security had value at the end of the year preceeding the deduction year and that an identifiable event caused a loss in the deduction year'.