How to sell Defunct WLUNA/LUNAC - as a loss

Hi folks,

How do we sell WLUNA or Luna classic that we are still holding in Coinbase ( though it is worthless now) ? The value is literally zero after mega LUNA/TERRA meltdown. We want sell it we can claim some loss, but Coinbase and other exchanges are not letting us sell. How do we overcome this and claim the loss?

Regards

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Have it professionally valued and write the loss off on your taxes, same as any other asset that becomes worthless.

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Actually, it’s not zero. As of the moment I copied it, the price was $0.000238.

There must be an exchange somewhere that is allowing trading. Coinbase itself shows a chart of nearly minute by minute trading. (This chart appears to be in 5 minute increments.)

You’ll need to find out where that trading is happening and potentially move your virtual currency there to sell it and get the tax loss.

–Peter

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That doesn’t work for any security. You either have to sell it, or be able to point to some event (typically the conclusion of a bankruptcy proceeding) that means the item is forever worthless.

–Peter

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I would agree with Peter that while it’s ‘nearly worthless’ it is worth something more than zero. Because of that, you need to dispose of it before you can claim a loss, or you will need to wait until it’s declared worthless by the company.

Brokerages will sometimes buy nearly worthless stocks from you when there’s not a market for a minimal amount, like $1, so that you can document a loss. I’m not sure if Coinbase and other exchanges are willing to do so, but you should ask.

AJ

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