Capital Gains & Losses
Worthless stock - 3 year or 7 year carryback
If you discover you didn't claim a valueless stock loss on your original tax return in the year it became worthless, you can file a claim for a credit or refund due to the loss. Just file Form 1040X to Amend your return for that year. You have up to seven years from the date your original return had to be filed.
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