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How do I properly report a worthless security on my taxes?

I've been holding 950 shares of HealthPlus (HPIQ) throughout their bankruptcy process this year. Based on what I can see in my Schwab account, the stock has now been deemed worthless, showing a loss of ($15,800.42). It no longer appears as an "unrealized loss" like it did before. I noticed a transaction dated 10/17/2024 with just a description of "Reorganization - 950" which I'm assuming refers to my HPIQ shares. When I tried to check Schwab's worthless securities section (https://www.schwab.com/worthless-securities), HPIQ isn't listed as an option, which makes me think it's officially been classified as a worthless security as of October 17, 2024. My questions are: 1. I didn't do anything with this stock in 2024, and now it seems to have disappeared from my Schwab account. However, I don't see any mention of it on the 1099-B that Schwab issued. Is this normal? Do worthless securities not get reported on 1099-B forms? 2. If this is indeed a worthless security, can I just report it directly on Schedule D myself? Do I need any special documentation since I didn't receive tax forms showing the security is worthless? 3. Should I request some kind of documentation from Schwab to "prove" this security has been declared worthless? This is my first time dealing with a worthless security, so I'm confused about the process. I would have expected something to be reported to the IRS automatically.

KaiEsmeralda

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One important thing nobody's mentioned - be careful with the date you claim it became worthless. The IRS is very specific that you must claim it in the year it actually became worthless, not when you discovered it was worthless. From my experience, the reorganization transaction date (your Oct 17) is typically when the broker is recognizing it as worthless, but you should check if that's actually when the company bankruptcy was finalized or if something else happened on that date.

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Debra Bai

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I messed this up once. Claimed a stock as worthless in 2022 when it technically became worthless in late 2021. Got a notice from the IRS and had to file an amended return for both years. What a headache.

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Dylan Cooper

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Based on your situation with HealthPlus (HPIQ), it sounds like you're dealing with a classic worthless security scenario. The "Reorganization - 950" transaction on 10/17/2024 is likely when your broker processed the stock as worthless following the bankruptcy proceedings. Here's what you need to do: 1. **Documentation is key** - Contact Schwab immediately and request a letter confirming that HPIQ became worthless on 10/17/2024. Also ask for account statements showing the stock before and after that date. Save any bankruptcy court documents or news articles about HealthPlus's final liquidation. 2. **Report on Schedule D and Form 8949** - You'll need to manually report this since it won't appear on your 1099-B. Use 10/17/2024 as your sale date (not 12/31/2024 as some suggest - use the actual date it became worthless), $0 as the sale price, and your original cost basis. Enter code "W" in column (f) on Form 8949. 3. **Capital loss treatment** - Your $15,800 loss will first offset any capital gains you have this year. Any remaining loss can be deducted up to $3,000 against ordinary income, with the rest carried forward to future years. The fact that HPIQ doesn't appear in Schwab's worthless securities lookup actually supports that it's been officially deemed worthless. Just make sure you have proper documentation before filing, as the IRS scrutinizes worthless security claims closely.

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This is really helpful advice! I'm new to dealing with worthless securities and had no idea about the documentation requirements. One question though - you mentioned using the actual date it became worthless (10/17/2024) rather than 12/31/2024. I've seen conflicting advice on this. How do you know which date to use? Is there an IRS publication that clarifies this? Also, when requesting documentation from Schwab, should I ask for anything specific beyond just a letter confirming it's worthless? I want to make sure I have everything I need in case of an audit.

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Emma Davis

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This is really helpful info everyone, thanks! I had no idea about the business expense deductions. Quick question - for equipment like my gaming chair, webcam, and microphone that I bought specifically for streaming, can I deduct 100% of those costs? Or do I need to calculate some percentage for personal use too? Also, should I be keeping receipts for everything streaming-related? I've been pretty casual about record-keeping but sounds like I need to get more organized before tax season hits.

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For equipment bought specifically for streaming, you can generally deduct 100% of the cost if it's used exclusively for your streaming business. However, if you use items like your gaming chair or webcam for personal activities too, you'd need to calculate the business use percentage. Definitely start keeping receipts for everything streaming-related! The IRS requires documentation for all business expenses. I'd recommend setting up a simple spreadsheet or using an app to track purchases, dates, amounts, and business purpose. Keep digital copies of receipts since they can fade over time. Some streamers I know create a dedicated email for business purchases and save all receipts there, or use apps like Expensify to photograph and categorize receipts immediately. Getting organized now will save you tons of headaches during tax season!

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Great thread! As someone who's been dealing with streaming taxes for a few years now, I wanted to add that it's also important to understand the self-employment tax implications. When you earn over $400 in net self-employment income (which includes streaming), you'll owe self-employment tax (about 15.3%) in addition to regular income tax. This is why tracking business expenses is so crucial - every legitimate expense you can deduct reduces both your income tax AND self-employment tax burden. Things like your streaming software subscriptions, portion of internet costs, equipment depreciation, and even things like music licensing fees if you use copyrighted music can add up to significant savings. One tip: if you're just starting out and income is irregular, consider opening a separate bank account just for streaming income and expenses. Makes tracking so much easier come tax time, and the IRS loves clean record-keeping if you ever get audited.

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Maya Lewis

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This is super helpful advice about the separate bank account! I'm just getting started with streaming and earning maybe $100-200 a month so far, but I can already see how messy it's getting to track everything mixed in with my personal finances. Quick question - when you mention equipment depreciation, does that mean I can't just deduct the full cost of my new gaming setup in the year I bought it? I spent about $2,000 on a new PC specifically for streaming and was hoping to write that off entirely this year. Should I be spreading that deduction over multiple years instead? Also, for the music licensing fees - are you talking about things like Spotify subscriptions or actual licensing for using music in streams? I've been really careful about copyright but wasn't sure if my Spotify Premium counted as a business expense.

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Nia Williams

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I just wanted to add my perspective as someone who went through this exact situation about 18 months ago. Getting that first letter from Coast Professional was terrifying - I had no idea who they were or what they wanted from me either. In my case, it turned out to be related to federal student loans that had gone into default due to a paperwork issue during a loan servicer transfer. What I learned is that Coast Professional is legitimate, but you absolutely have options beyond just paying them directly. The most important thing I did was verify everything independently first. When I checked studentaid.gov, I discovered that my loans had been in default for months without my knowledge - apparently notices had been going to an old address. But I also discovered I was eligible for the Fresh Start program that others have mentioned, which completely removed the default from my credit report. My advice: Don't let them pressure you into immediate payment arrangements until you've explored all federal relief options. Coast Professional will still be there to work with you after you've done your homework, but some of these federal programs have deadlines you don't want to miss. Also, when you do eventually contact them, get everything in writing. They were professional with me, but documentation is key for any payment arrangements or agreements you make. You're doing everything right by asking questions first - that's exactly what saved me from making a costly mistake!

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Carmen Reyes

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This is exactly the kind of real-world experience I needed to hear! The fact that your loans went into default without your knowledge due to paperwork issues during a servicer transfer is really concerning - it makes me wonder if something similar happened to me since I've had my loans transferred between companies over the years. Your success with the Fresh Start program is incredibly encouraging! The idea that it completely removed the default from your credit report sounds amazing - that's so much better than just paying the collection agency and still having negative marks on your credit. I definitely need to look into whether I'm eligible for that program. Your point about not letting them pressure you into immediate payment arrangements is really important. I was honestly ready to just call them and try to set up payments right away because I was so stressed, but it sounds like that could have been a mistake if there are better options available through federal programs. The reminder about getting everything in writing is also really valuable - I wouldn't have thought about that but it makes total sense for protection down the road. Thank you for sharing your story and confirming that doing research first is the right approach. This whole thread has been so helpful for turning what felt like a crisis into something manageable with a clear action plan!

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Joy Olmedo

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I completely understand that panic and confusion you felt when opening that letter - I had almost the exact same experience about a year ago! Getting an unexpected letter from a collection agency you've never heard of is genuinely scary, but you're handling this perfectly by asking questions and seeking advice first. Coast Professional is indeed a legitimate federal debt collection agency that primarily handles government debts like defaulted student loans and tax collections. Since you mentioned the letter references student loans from 6 years ago, there's a very good chance this could be related to loans that went into default, possibly due to administrative issues, missed paperwork during address changes, or servicer transfer problems. Here's what I wish someone had told me right away: Before you contact Coast Professional or agree to any payments, check studentaid.gov with your FSA ID to see the current status of ALL your federal loans. This will give you the complete picture of what's actually happening and help you understand if this collection notice is legitimate. The really encouraging news from reading all these responses is that federal loans come with way more rehabilitation and relief options than regular debt. Programs like loan rehabilitation and the Fresh Start program that others have mentioned could potentially resolve your situation much more favorably than just paying the collection agency directly - and some can even remove default notations from your credit report entirely. Don't let stress push you into making quick decisions. You have rights under the Fair Debt Collection Practices Act, including 30 days to dispute the debt if you believe it's incorrect. Take time to verify everything and explore all your federal options first - Coast Professional will still be there to work with you after you've done your homework, but some relief programs have deadlines you don't want to miss. You've got this! Knowledge is power when dealing with collection agencies, and you're already on the right track.

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This is such comprehensive and reassuring advice! As someone completely new to this situation, I can't thank you and everyone else in this thread enough for sharing your experiences. That initial panic when you don't recognize the collection agency name is exactly what I went through - my mind immediately jumped to worst-case scenarios. Your emphasis on checking studentaid.gov first makes so much sense. I keep hearing from multiple people that administrative issues during servicer transfers can cause loans to go into default without borrowers even knowing, which is both scary and reassuring at the same time - scary that it can happen, but reassuring that it might not be due to anything I actually did wrong. The information about federal relief programs like Fresh Start and loan rehabilitation sounds incredibly promising. The fact that some of these programs can actually remove default notations from credit reports entirely is amazing - that's so much better than just paying the collection agency and still having damaged credit. I'm definitely going to follow everyone's advice and start with studentaid.gov tomorrow morning to get the complete picture before making any contact with Coast Professional. It's such a relief to know I have time to research all my options instead of feeling pressured to make immediate decisions. Thank you for the encouragement and for emphasizing that knowledge is power in these situations. This whole thread has transformed what felt like a crisis into a manageable situation with a clear action plan!

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Starting a Business Selling Collectibles: Tax Implications for Personal Collection Items

I've got a specific tax question about selling collectibles that I can't seem to find a clear answer to anywhere. I've searched the IRS website and Google with no luck. I've accumulated quite a collection of collectibles over the last 30+ years. Some I purchased myself, others were gifts, and a portion were inherited from relatives. I'm planning to start a part-time business selling collectibles online and want to include some items from my personal collection in this business venture. I've done plenty of research on how the IRS distinguishes between hobby income and business income, and I think I understand that distinction. I've also read about capital gains tax for collectible sales. Several online sources, including a Nolo article, mention that the IRS treats collectible sellers differently depending on whether they're classified as hobbyists, investors, or dealers. My understanding is this: As a hobbyist selling collectibles, I'd owe capital gains tax on any profit. If I run a business buying and selling collectibles for profit, I'd pay tax on the business profit. But here's where I'm confused - if I start a business and incorporate part of my personal collection as inventory, alongside items I specifically purchase to resell, how will the tax situation work? Will I still need to pay capital gains tax on profits from selling my personal collection items? Or can I simply include everything under the business profit umbrella? I plan to consult with a CPA if I proceed with setting up this business, but I'd like to have a basic understanding before getting too far into planning. Thanks for any insight!

This thread has been absolutely amazing to read through! I'm in a similar situation with my vintage sports memorabilia collection that I've been building for about 13 years, and the depth of practical advice here is incredible. One thing I'd add that I haven't seen mentioned yet is the impact on insurance premiums when transitioning from personal collection to business inventory. I discovered that my homeowner's policy has significantly lower coverage limits for business property, so I'm looking at needing separate commercial insurance which is considerably more expensive. This could be a significant ongoing cost that affects the viability of the transition. Also, for those concerned about maintaining collector relationships, I've found that being transparent about your intentions early can actually strengthen some relationships. I mentioned to a few dealer contacts that I was considering this transition, and several offered to help with sourcing inventory or even consign items through my future business. The community response was more positive than I expected. The seasonal timing considerations several people mentioned are spot-on for sports memorabilia too - there are clear peaks around draft seasons, playoffs, and major anniversaries that could really impact first-year success if you time the launch properly. Thanks to everyone, especially the professionals who've shared their expertise. This is exactly the kind of real-world guidance that makes the difference between success and costly mistakes!

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Ravi Patel

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This has been such an incredibly thorough and helpful discussion! As someone who's been collecting vintage currency and paper money for about 17 years, I'm facing this exact transition question and have learned more from this thread than months of independent research. One aspect I'd like to add that hasn't been fully explored yet is the impact of authentication and grading services on this transition. Much of my collection is raw (ungraded), but for business sales, customers increasingly expect third-party authentication, especially for high-value notes. The cost of professional grading could significantly impact which items are viable for business inventory versus keeping as personal collection. I'm also wondering about the timing of major collection additions during the transition period. I have an opportunity to acquire a significant estate collection next month, but I'm not sure whether to purchase it as personal collection items (if I haven't established dealer status yet) or business inventory (if I move forward with the transition first). The tax implications could be substantial either way. The international considerations Paolo mentioned really resonate with me too. Currency collecting often involves transactions across borders, and I'm concerned about how dealer status might affect customs declarations and the ability to import/export certain historical currency items. Thank you to everyone for sharing such detailed real-world experiences. The documentation strategies, timing considerations, and relationship preservation advice have been invaluable. This thread really should be a case study in how to approach complex collector-to-dealer transitions!

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Zoe Stavros

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Has anyone else noticed that sometimes the total interest reported on the 1098s doesn't match what you actually paid according to your payment history? My mortgage was sold in August and the sum of both 1098s was about $340 less than what my payment records show for interest.

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Jamal Harris

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This happened to me too! I think it has to do with the timing of when payments are applied. Check your December payment - if you paid it late in the month, the new lender might not have counted it until January of the next year.

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Great question! I dealt with this exact situation last year when my mortgage was sold in July. You definitely need to add both 1098 forms together - each lender reports the interest they collected during their respective periods of servicing your loan. One thing to watch out for: make sure there's no overlap in the dates. Sometimes there can be a few days where both lenders might report interest, especially around the transfer date. If the numbers seem unusually high when added together, double-check your monthly statements to verify the totals. Also, keep both 1098 forms with your tax records. The IRS receives copies of both forms, so they'll expect to see the combined total reflected in your return. TurboTax should handle this smoothly when you enter both forms separately - it will automatically combine the mortgage interest amounts for your Schedule A.

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This is really helpful advice about checking for overlap! I'm curious - if there is an overlap in dates between the two lenders, how would you handle that? Do you subtract the overlapping amount from one of the 1098s, or is there a different way to report it to avoid double-counting the interest?

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