COUNTER STOCK
COUNTER STOCK
What should I do now that a stock I own has been delisted?
I own several hundreds shares of American Mortgage Acceptance Company, which was recently delisted from the NYSE, where it was listed as AMC. It is now traded over the counter as AMOA. My holdings are now essentially worthless (valued at a penny a share) and I'm trying to figure out what to do.
Any idea on how I should proceed?
Tax wise, I'm expected to make more money next year than I will this year, if that's a consideration.
You almost undoubtedly want want to sell the stock to claim the loss on your taxes.
If you were going to make the same amount this year and next year you would probably want to sell this year because, unless you make over $200,000 per year, your tax bracket is not likely to be the lower this year than next.
If you expect to make a lot more next year than this year, you probably want to wait until next year because you are likely to be in a higher tax bracket next year.
If you fall somewhere in between, you need to guess if the "middle class tax cut" will pass next year and what impact it will have on your tax bracket. If I were in that position and did not know, I would probably sell this year.
It has been a lot of years since I had a near-worthless stock in my account, but it used to be many brokerages would buy the stock for a token amount and forgive the usually commission on such a transaction. I have no idea if that is still true.
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FWIW one of the other answers recommended you have your broker declare it is a worthless stock. If it is still trading, even at only a fraction of a penny per share, the tax code does not allow anyone to declare the STOCK WORTHLESS. For details, see
http://www.fairmark.com/capgain/worthless.htm
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