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What happens when a stock is taken off the market? How do you claim a loss? VOIP Inc?

FatWallet Coupons and DealsWhat happens when a stock is taken off the market? How do you claim a loss? VOIP Inc?
A few years ago, I had some money invested in VOIP Inc (initially traded as VOII , then VOIC ) . It was about $500 initial investment, and became worth $0.01 and I have been holding on to it for a few years to save as a loss for tax purposes when I need it. This year I had some sales with a 50% gain so I figured I would sell the shares this year to cut back on the taxes I'll have to pay for those profits. 

 However, when I tried to sell the stocks at sharebuilder.com, it says this "A security with the symbol VOIC is not recognized as a valid listed security. Use the Find Symbol option if you need help finding the symbol." 

 It still shows up in my portfolio as an open position, as VOIC . How am I going to be able to claim a loss if my broker is still calling it an "Open" position? It isn't a realized loss until the position is closed. 

 It looks like the SEC revoked their registration on July 14, 2009. http://www.sec.gov/litigation/admin/2009/34-60300.pdf 

 Yes - I know VOIP Inc was a bad investment - that's a whole other story, so if you answer please stick to the topic of claiming a loss on a stock that had it's registration revoked.
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 Best Answer:  You need to sell it. Talk to your broker about how to do this. They may have a procedure for closing out positions like this. 

 Being removed from an exchange is meaningless for tax purposes because there was never any requirement that they be listed in the first place. They haven't been doing SEC filings so they can't be listed on an exchange, so, they're trading in the pink sheets. As long as the company still exists and you have a position in it, then there is still a possibility of profit and you can't claim the loss.
Source(s):
http://finance.yahoo.com/q?s=VOIP.PK
Ted · 6 years ago
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The stock has been delisted which means it can no longer be traded. You should still be able to write it off as a loss however. If it were me I would write it off for 2009 and take the capital loss to offset your gains, if you wait you may not be allowed since it was delisted in 2009.
Not My Real Name or Face · 6 years ago
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voic.pk is still a stock that you can find on various boards but there are no longer any statistics or SEC filings for it. You should call your broker or whoever and ask them to take care of this worthless stock.
Preston L · 6 years ago
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provide your accountant with the revocation and it will be a total loss
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