Ask Terry Questions Zero Coupon Certificate of Deposit

Zero Coupon Certificate of Deposit

By Terry Savage on June 01, 2024 | Wild Card

I bought a zero Coupon Certificate of Deposit from Exchange National bank of Chicago. The bank is now closed, how can I redeem it or since the bank is closed can I claim a loss on my income tax return?

Terry Says

Wow, that is a long time ago.  Not a prayer of getting any money back.  And without a notice of default, I’m doubtful that you can claim it as an investment loss.  It is not fraud– and those losses aren’t deductible anyway.

I think you’ll just have to chalk this off as an expensive lesson in paying attention!



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