club_cafe: USAir worthless stock (was: K-mart stock)
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club_cafe: USAir worthless stock (was: K-mart stock) >> How would I input my clubs US Air stock that has become worthless? Do I just report a 100% loss with it? Since the common stock was canceled as part of USAir's reorganization plan, you do have a 100% loss. The easiest way is to enter a sale for $0 on 3/31/2003 which is the day USAir officially canceled the prior common stock. The official IRS position is that when you complete your Schedule D for 2003, the "sale date" should be 12/31/2003. The only effect the difference in dates may have will be if your holding period as of 3/31 was short term. Ira Smilovitz |
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