When to sell a bond

Gave my money to a financial investor to invest in some bonds. Approx 3 years ago. One of the bonds he bought for me was a Municipal bond called Puerto Rico sales tax fingers Corp sales
It is down from 17k to 7k, a substantial loss.I called him today to see what I should do, he was very vague . Should I sell and cut my losses, I have no idea about bonds but I know this is probably junk status. Please advise, thanks!

Terry Says:  I’ll bet he was vague.  That was a terrible mistake!  So, I don’t know what could bring back the value of those Puerto Rico bonds.  They are having huge financial difficulties.   Go to www.FINRA.org and use their bond pricing tool to enter the exact name of the bonds you own in order to make sure you know the current price/value of the bonds.  Then tell him you know the bid price, so you aren’t ripped off again!   And he should have the common courtesy not to charge you a commission when you sell.   In fact, I’d give him written instructions if you decide to sell, and send a copy to the branch manager of the firm, and ask for confirmation of receipt.

Part of this decision involves your tax bracket, and the amount you earned in income this year.   You can write off $3,000 in losses against ordinary income on your tax return this year, and carry the balance forward for future years.  That assumes you have no gains on other investments, which you might want to sell to offset gains.   So consult your CPA, as well.