The National Directory of Certified Public Accountants

Ask A CPA - 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.

If you need professional help with "Capital Gains & Losses" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.