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How do I write off a worthless bond in Quicken that I did not sell.

Unknown
Unknown Member
edited October 2018 in Investing (Windows)
Writing off worthless bonds

Comments

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited October 2018
    In Q, record a sale for $0.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Unknown
    Unknown Member
    edited September 2016
    Thank you, I suppose I will have to do this and annotate it with a comment, since I really did not sell it.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited October 2018
    You COULD also do a "Removed" transaction ... but that won't record your tax loss ... a $0 sale will.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • splasher
    splasher SuperUser ✭✭✭✭
    edited October 2018
    I'm no tax expert, but how can you declare it as a loss without officially selling it?
    -splasher  using Q since 1996 -  Subscription  -  Win10
    -also older versions as needed for testing
    -Questions? Check out the  Quicken Windows FAQ list
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited December 2016
    splasher said:

    I'm no tax expert, but how can you declare it as a loss without officially selling it?

    But if it's truly worthless, no one will buy it ... ergo no "official sale".  Worthless securities are usually just removed from the account by the brokerage ... but a Removed txn, in Q, won't record the tax loss as a $0 sale will do.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • J_Mike
    J_Mike SuperUser ✭✭✭✭✭
    edited December 2016
    splasher said:

    I'm no tax expert, but how can you declare it as a loss without officially selling it?

    Have not had occasion to do this myself but have heard from others that your brokerage firm may be willing to buy a worthless holding for something like $1. This makes the sale 'official' and it gets reported to the IRS. Check with your broker.
    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

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