Sooo....
I've inherited a messy stock portfolio full of penny stocks. I've done my best to turn them into securities that I understand with more controllable risks. But that's another story. Regardless, some of the shares have gone down to zero, so I can write them off as a total loss. Here's the deal. I've lost many times more than my total yearly income. I haven't written them off yet, since I don't really understand the tax implications.
Do I or should I consult a tax expert in this situation? In years past I've used turbo-tax easily enough to account for my rental income and capital gains. I'm use to dealing with losses that do not get carried over (I'm not sure if that's the correct term here.)
Thanks,