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RINO International Corporation Message Board

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  • american_chariot american_chariot Dec 2, 2010 1:58 PM Flag

    How can I close out my shorts if stock is delist?

    How does he "take-profits" on his short position if he can't close-it-out?

    So, you are saying, the way the shorts win here is for "tax-loss" purposes!

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    • If he is short, he already has the cash in his account. He never has to buy any stock because his broker will never call for the shares to be returned to him, so he keeps all the cash in his account.

      To report the transaction on his tax return, he reports a sale price of $0.01 and will pay the appropriate capital gains tax.

      This procedure is well established and occurs many times each year with delisted stocks. Call your broker for more details on your particular situation.

 
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