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1 ) need to fill up "Authorization Letter for the Abandonment of Securities Deemed Worthless" ?

2 ) How many days it takes to get this done ?

3 ) Need to mention all the name of the revoked equity & quantity ?

I permanently surrender, relinquish all rights in ___________ (collectively the “Security”) and instruct Charles Schwab & Co., Inc. (“Schwab”) to remove ___ of ___________ the Security from the above-referenced account.

4 ) can write off up to $3,000 worth of net losses against other forms of income such as taxable dividends ( for non-us citizen ) ?

TQVM for your kind advice ...

Siew Mai Lee
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    What country are you living in? Tax residence usually determines the treatment of matters such as this, not citizenship. – C'est Moi Dec 15 '19 at 10:59

1 Answers1

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  1. Ok. The computer system likely won't let you 'sell' this worthless stock, and it somehow has not just been removed from your account.
  2. (I happen to be a Schwab customer) These things can take a few business days after receipt. There are some matters that they'll warn customers of a Dec 15 deadline to be sure it happens by year end, due to the rush of items that need manual processing.
  3. You need to be specific. The name and quantity of the stock, copy it exactly from the last statement.
  4. The world is a big place. In the US we have the $3000 rule (i.e. you can write off stock losses up to $3000/yr net loss, the rest carries forward) but since you did not disclose your country, how can we answer this?
JTP - Apologise to Monica
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