GM Stock

[Diane]

I have a client with GM stock. Can he write off the stock?

Diane

[JRS]

I have a client with GM stock. Can he write off the stock?

Diane

There are many views on writing off GM stock. You will need to research. Some CPAs say yes and others, like the link below say no because, theoretically, the "old GM" is still trading.

http://www.autoobserver.com/2010/01/its-a-puzzlement-old-gms-worthless-shares-still-trading.html

[jklcpa]

It is still trading and not totally worthless. I told my client to sell the shares and get the small amount of proceeds. The loss still ended up on sch D, net of the of proceeds.