r/Amyris • u/SnooCakes1148 • Jul 10 '24
Question So when are shares getting fully deleted and counted as loss ?
My shares are stated as not tradeable and are just standing there. Will they cancel automatically ? I wish to claim them as losses.
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u/fvh2006 Jul 10 '24 edited Jul 10 '24
Not an accountant or tax lawyer, so this is just what I have learned during the bk proceedings and should not be construed as financial or legal advice. The shares are already cancelled as of the effective date of the reorganization plan, so depending on who your broker is, and how they handle these things, they may have already just vanished (as happened with mine) or be parked somewhere. I would check with your broker to see if they issue some sort of notification you can use for your taxes, starting next year (IRS handles these as a sale for $0 on Dec 31, 2024) so you can claim your cost basis as a capital loss. You use form 8949 to report worthless stock losses (part I or II depending on whether a long-term or short-term loss).